There’s some big news on the crypto adoption front, with the Japanese e-commerce giant Rakuten announcing that it’s going to allow its customers to use crypto.
Consumers are now able to top up their Rakuten Pay accounts using Bitcoin, Ether and Bitcoin Cash… and this is a big deal considering that the app is supported by a plethora of big brands, including McDonald’s and 7-Eleven.
One Twitter user wasted little time in stressing how significant this is — describing it as “f****** huge” because it enables Japanese consumers to use crypto at potentially hundreds of thousands of stores around the country.
There are going to be some limits — and Rakuten says it will only allow a maximum of 100,000 yen to be transferred to these accounts a month. That’s about $930. On the bright side, consumers won’t be charged any fees along the way.
It’ll be interesting to see whether this encourages crypto adoption in the country. Rakuten has been likened to Japan’s answer to Amazon, and according to JPMorgan, the company has a staggering 95 million registered users.
PayPal recently said demand for its crypto service has “greatly exceeded” internal projections — and also confirmed the U.K. is going to be the first international market outside of the U.S. that will get the feature. The company even revealed that those who buy digital assets tend to log in twice as frequently as they did before.
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