Japan’s e-commerce and fintech firm, Rakuten Group has announced Ripple’s native token XRP as an official payment option. This opens the floodgates to 44 million users who will have the option to pay for products using the cryptocurrency. Users can load their XRPs in the Rakuten Pay app and will be able to spend them across 5 million registered merchants nationwide.
In addition, users can also spot trade their XRPs within the app and store them in their Rakuten Wallet. The e-commerce giant also runs the largest loyalty program with more than 3 trillion points in circulation. The overall value of the loyalty program is close to $23 billion and counting. The app announced that users will be allowed to convert their loyalty balance into XRP for everyday purposes if they wish to.
Also Read: XRP Price Path to $5, $7, $11 Revealed: Should You Buy Now?
The integration of XRP into Rakuten’s loyalty points reflects broader confidence in the leading altcoin. While many users prefer the usual Rakuten Cash balance, cryptocurrency loyalists can choose the XRP option. This allows the leading altcoin to gain a major use case in the industry that can give its price a boost in the charts.
The Rakuten XRP services will go live from April 15 onwards, ushering in a new digital-asset era. Cryptocurrencies are slowly being adopted in Japan, signalling a meaningful shift from the traditional landscape. The more the integration, the more the altcoin has a chance to strengthen itself in the indices. The move from the e-commerce giant comes after the altcoin received support through ETFs from institutional players like BlackRock, Bitwise, Canary, and Franklin, among others.
Apart From XRP, Rakuten Also Supports These Cryptocurrencies
Rakuten integrated Bitcoin, Ethereum, and Bitcoin Cash as a payment option through the app in 2023. The addition of XRP expands its options, giving users more alternatives to spend their money on purchases.
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