- Rakuten Wallet, Inc.
Rakuten Wallet Launches Service for Exchanging Rakuten Super Points for Crypto Assets
Tokyo, December 24, 2019 – Rakuten Wallet Inc., a consolidated subsidiary of Rakuten Group and operator of a crypto asset (virtual currency) exchange business, today announced that it has launched a service that enables users to convert Rakuten Super Points from Rakuten Group’s loyalty points program to crypto assets through the Rakuten Wallet app, which offers crypto asset spot trading services.
This new service allows Rakuten users in Japan who have a Rakuten Wallet account and have earned Rakuten Super Points to convert their loyalty points to crypto assets available on Rakuten Wallet: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH)*1. Rakuten Super Points can be exchanged from amounts of 100 Rakuten Super Points and above*2. To use this service, customers can log in to the app, and, after choosing “Points Exchange,” select the target exchange currency and amount. One Rakuten Super Point is equivalent to one yen when converted to crypto assets, and when the exchange is complete it will be reflected in the transaction history on the customer’s smartphone app*3, *4.
Through the launch of the new service, Rakuten Wallet hopes to reduce the barriers of entry to crypto asset trading by providing an easy and more accessible way for new users to start, including novice users who are interested in crypto asset trading with no prior experience. In addition, the service also increases the range of uses for Rakuten Super Points across the Rakuten Group’s ecosystem of services, making the Rakuten loyalty membership program even more attractive and convenient.
Rakuten Wallet, as the Rakuten Group’s virtual currency exchange business, will continue to provide transaction services that customers can use safely and securely, and further expand its services by leveraging Group synergy.
*1 Only Standard Points may be exchanged. Standard points exchanged from partner service companies are not eligible. Please check the following URL for details. https://www.rakuten-wallet.co.jp/point/index.html (Japanese only)
*2 Rakuten Super Points can be exchanged in single units for amounts over 100 points
*3 Crypto assets cannot be converted into Rakuten Super Points.
*4 There are restrictions on the number of Rakuten Super Points that can be exchanged per transaction and per month.
- Number of points that can be converted in one transaction: 50,000 Rakuten Super Points for Diamond members, 30,000 Rakuten Super Points for other members.
- Number of points that can be converted per month: 500,000 Rakuten Super Points for Diamond members, 100,000 Rakuten Super Points for other members.
Service Overview
New Rakuten Wallet service: Customers can convert Rakuten Super Points from Rakuten Group’s loyalty points program to crypto assets via the Rakuten Wallet smartphone app. It is possible to exchange single point units over 100 Rakuten Super Points.
Service launch date: Tuesday, December 24, 2019
Currencies available for exchange: Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH)
Handling charge: None
Only Standard Points may be exchanged. (Limited Time Points may not be exchanged)
Conditions: There are restrictions on the number of Rakuten Super Points that can be exchanged per transaction and per month.
Number of points that can be converted in one transaction: 50,000 Rakuten Super Points for Diamond members, 30,000 Rakuten Super Points for other members.
Number of points that can be converted per month: 500,000 Rakuten Super Points for Diamond members, 100,000 Rakuten Super Points for other members.
*Crypto assets cannot be converted to Rakuten Super Points.
About Rakuten Wallet
Rakuten Wallet, Inc. started a virtual currency exchange service on March 30, 2017. On September 7, 2017, Rakuten Wallet submitted an application for registration to be a “virtual currency exchange service provider” to the Kanto Local Finance Bureau, pursuant to Article 63-3 of the Payment Services Act. Rakuten Wallet completed registration as a “virtual currency exchange company” with the Kanto Local Finance Bureau, based on the Payment Services Act, on March 25, 2019. The company, formerly known as “everybody’s bitcoin Inc.,” changed its name to “Rakuten Wallet, Inc.” on March 1, 2019. Rakuten Wallet started accepting applications for accounts on April 15, 2019 for its crypto asset (virtual currency) trading service and started offering crypto asset (virtual currency) spot trading services on August 19, 2019.