Japan-based e-commerce giant Rakuten, which is essentially the Japanese equivalent of Amazon, has announced that customers can now convert their rewards points into major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).
Customers need to have 100 ‘Rakuten Super Points’ or more to convert their points into crypto, with each super point being worth one Japanese Yen (JPY) or $0.0091. Customers can convert 100,000 to 500,000 points per month into crypto depending on their membership level, equivalent to $910-$4,550.
It seems that integrating cryptocurrency into loyalty and rewards programs is becoming an increasingly popular use case for crypto. Lolli, which rewards users with cryptocurrency for online purchases at numerous major retailers, is perhaps the most well-known crypto rewards program.
This is not Rakuten’s first foray into crypto. Back in March 2017 Rakuten launched the Rakuten Wallet, which is an officially licensed cryptocurrency exchange in Japan that offers spot trading services.
With this latest announcement, Rakuten intends to provide an easier and more accessible way for new users to earn crypto and begin trading, in addition to making Rakuten itself a more attractive e-commerce venue for consumers.
Undoubtedly, this new crypto rewards program on Rakuten will help increase crypto adoption in Japan, and perhaps it can start a trend among major e-commerce sites worldwide if this program is successful.