Rakuten Wallet, a cryptocurrency exchange of Rakuten Group, created a service in which the loyalty points that crypto users gain from Rakuten Group (called Rakuten Super Points) can be converted into crypto assets of the available cryptocurrencies on the platform.
The announcement was made on December 24th regarding the new service on the official Rakuten Wallet app which allows the users to convert their Rakuten Super Points into crypto assets available on the Rakuten Wallet app; the cryptocurrencies currently includes Bitcoin, Ethereum and Bitcoin Cash.
According to the equivalence after conversion, one Rakuten Super Point would be converted into one yen and the conversion will be recorded on the transaction history of each user’s wallet, which will be made available for them. The process of converting points into crypto assets has been disclosed and detailed on the wallet app and website.
Rakuten Wallet hopes to attract new consumers of crypto with the new functionality and provide them with an easy entry into the community. The latest service has many advantages for previous crypto users and the ones who are entering the crypto market for the first time. The app will continue in providing its traditional crypto exchange services, along with the new update, for safe and secure transactions between users.
Only Standard Points-to-Crypto Presently Available
The company further shared, along with the announcement of the service, that currently only standard points can be exchanged and that the standard points received from member service companies are not eligible at the moment. The company also further announces that Rakuten Super Points can be exchanged for amounts of 100 points (100, 200, 300…) and those points can be converted into crypto assets but not the other way around.
Diamond members can exchange 50,000 Super Points per transaction and 500,000 points per month whereas regular members can convert 30,000 Super Points in one transaction and 100,000 points per month. The service was launched on December 24th and the Rakuten Wallet app will be converting the points into the following crypto assets: Bitcoin, Ethereum and Bitcoin Cash. Additionally, crypto assets from the Rakuten Wallet app can not be converted into the Rakuten Super Points.
The company also announced that there will be no additional handling fees for the service and presently Limited Time Points cannot be exchanged as the service is only available for Standard Points. The regulatory restrictions placed on the transaction limit and monthly limit is to be enforced amongst all users of the platform until further notice.
