Rakuten Inc., often referred to as the “Amazon of Japan”, announced that customers can now fund Rakuten Pay accounts with cryptocurrencies such as Bitcoin, Ethereum and Bitcoin cash. To commemorate the latest crypto service, Rakuten is also offering bonus points for people who use “Rakuten Cash” through crypto assets.
In addition to Mister Donut, Familymart, and McDonald’s, Crypto can also pay for Rakuten goods and services
The massive Japanese electronic commerce and online retail company headquartered in Tokyo now allows crypto users to use the company’s Rakuten Pay service to top up Rakuten Cash. The payment service with Crypto Asset Support gives customers access to a wide range of Rakutens services and products including the company’s travel services, Kobo e-books and mobile devices.
Additionally, users can load their Rakuten app with BCH, BTC, or ETH to purchase items from Familymart, McDonald’s, 7-11, and Mister Donut, to name a few. Proponents of digital currencies, especially from Japan, are very excited about the new crypto support from Rakuten.
“This news is huge for Japan,” said one person on Twitter. “You can now pay with crypto at McDonald’s and 711 and maybe hundreds of thousands of other stores.”
Rakuten’s announcement states that crypto users will also be able to top up funds with digital assets through their Rakuten Cash Buying feature. However, users must also leverage Rakuten’s crypto wallet in order to access Rakuten Cash through digital currencies. In addition, the company is offering a bonus point gift to customers who use the Rakuten cash purchase feature with cryptocurrencies.
The Rakuten Group would like to provide a practical crypto asset management
The press release also notes that there is a minimum fee of 1,000 yen ($ 10) and a one-time cap of around 100,000 yen ($ 1,000) per month. Charging can be done 24 hours a day, seven days a week via the Rakuten Pay app and the company’s crypto wallet. There is no conversion fee. “However, it is necessary to open a physical trading account with the Rakuten wallet and install a smartphone app for trading,” says Rakuten.
The Tokyo-based company adds:
[The company] will use the synergies of the Rakuten Group to provide convenient and profitable cryptocurrency asset management and new usage methods to improve customer satisfaction.
The Rakuten Group has been involved in crypto solutions and blockchain technology for quite some time when they launched the Rakuten Blockchain Lab (RBL) in Belfast, UK in 2016. In 2018 the company acquired the crypto exchange project “Everybody’s Bitcoin Inc.” for 256 million yen (~ 2,305,484 US dollars). On August 19, 2019, Rakuten went further and started its crypto exchange.
“Using the smartphone app, customers can carry out transactions for trading accounts for crypto assets, e. B. depositing and withdrawing Japanese yen and depositing and withdrawing crypto assets 24 hours a day, 365 days a year, “said the Japanese company at the time.
The latest Rakuten crypto support that allows people to use ETH, BTC and BCH to pay for goods and services is another advancement for Rakuten in the crypto industry since it entered the crypto industry in 2014.
What do you think of Rakuten’s recent announcement of crypto support for Rakuten Pay and Rakuten Cash? Let us know what you think on this matter in the comments section below.
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7-11, BCH, Bitcoin, Bitcoin (BTC), Bitcoin cash BCH, BTC, crypto assets, crypto exchange, ETH, Ethereum (ETH), Familymart, Kobo e-books, McDonalds, Mister Donut, Rakuten, Rakuten App, Rakuten Cash, Rakuten Crypto, Rakuten Group, Rakuten Pay, Yen
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