Rakuten Inducts Crypto For Funding Its Payment App

Rakuten, an online payment giant of the world, has announced that its payment app can now be funded with digital currency as well. Digital currencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) etc. have been officially inducted to fund the Rakuten Cash application. Customers would be offered other benefits as well including leverages and bonus points.

Rakuten is an online payment company established in Japan and operating globally. The company is also widely recognized by its acclaimed title “Japan’s Amazon” which has been given to it by its global customers. It has been providing a wide range of services and offering unlimited products which also include access to online libraries and travel and lodging.

The company has announced lately that it has started to receive digital funds to fund accounts at the Rakuten Cash application. Rakuten revealed that from now on those crypto owners, who are users of Rakuten Cash, can load their accounts with digital currencies. Digital coins such as Bitcoin and Ethereum and others will be accepted as payment towards funding accounts. The famous online vendors and merchants enlisted with Rakuten are McDonald, Mister Donut, Family mart, and 7-11.

The step was duly noted and appreciated by the crypto community in Tokyo as well as in other parts of Japan. They stated that they are glad to learn about new crypto services by Rakuten and look forward to using it for their benefit.

The announcement was later on discussed on Twitter and Reddit as well. One Twitter user said that this is a landmark achievement for Rakuten as well as for Japan itself.

Further details of the announcement suggested that those wishing to use such facilities will need to obtain digital wallets first. Rakuten told that easy load services will only work if the user is using their wallet for accessing his or her Rakuten payment account. There are also several rewards designated by Rakuten for those availing of crypto services. For instance, there are certain bonus points that will be attributed in the user’s account after completion of his/her crypto transaction.

Furthermore, the users would also be able to enjoy leverages to an extent as detailed by the company.

However, for using crypto facility, a price cap has been implemented by Rakuten. A user can use crypto funds to the extent of a minimum of JPY 1,000 or JPY 100,000 once a month. The easy loads can be funded with the interval of 24 hours’ time. Interestingly, no charge has been levied upon the conversion of funds.

The company has been attached with the blockchain and digital asset industry for long. In 2016, it was the first company in Japan to have launched a blockchain company in UK. However, recently the company has also launched a fully operational crypto trading and exchange platform.

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