Online retail giant Rakuten is joining the party! Often referred to as the Amazon of Japan, it is one of the biggest companies in the country. And while it may have taken its sweet time, the firm is going all in now into the world the cryptocurrencies.
It has just announced that customers can now load up Rakuten Pay accounts with cryptocurrencies.
At least the three most popular ones right now — namely bitcoin, ethereum, and bitcoin cash. And to commemorate this latest development, the Tokyo-based company is also offering bonus points to people that use Rakuten Cash via crypto assets.
Users can pay for a wide range of Rakuten goods and services including its own travel services, mobile and Kobo books. Other retail outlets like Mister Donut, Familymart, and McDonald’s are also enlisted.
The company notes:
“The company will utilize the synergies of the Rakuten Group to provide convenient and profitable cryptocurrency asset management and new usage methods to improve customer satisfaction.”
Rakuten Group is no stranger to the crypto space, having dabbed in this domain since 2014, at least. It launched the Rakuten Blockchain Lab (RBL) in Belfast, UK, back in 2016. And in 2019, the company also officially launched its crypto exchange.
This is a big move, and digital currency proponents in Japan are visibly delighted:
“This news is huge for Japan. You can now pay at McDonald’s and 711 and perhaps hundreds of thousands of other stores with Crypto.”
The press release notes that there is a minimum charge amount of 1,000 yen ($10) and a one-time upper limit of around 100,000 yen ($1,000) per month. Loads can be done 24 hours a day, 7 days a week via the Rakuten Pay app and the company’s crypto wallet.
There is no fee for conversion, but opening a physical trading account using the Rakuten Wallet and installing a smartphone app dedicated to trading is necessary.
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