Japanese e-commerce giant Rakuten (RKUNY) is now accepting payments in the XRP (XRP) cryptocurrency.
Going forward, Rakuten’s 44 million users will be able to use Ripple’s cryptocurrency as a payment method with more than five million merchants across the Asian nation.
Rakuten is also enabling its users to spot trade XRP via its app. People can purchase XRP with Rakuten points and hold it in their Rakuten Wallet.
The move ties XRP into one of Japan’s largest loyalty rewards programs, where more than three trillion points worth $23 billion U.S. can now be converted into XRP.
“Starting April 15, Rakuten Wallet will launch XRP as both a listed asset and a payment method, meaning users can buy XRP directly with Rakuten Points and charge their Rakuten Cash with XRP to spend it at over 5 million merchant locations across Japan,” said the company.
Rakuten is one of Japan's most popular consumer brands. This is not the company’s first foray into cryptocurrencies.
In 2023, Rakuten began allowing users to spend Bitcoin (BTC) and Ethereum (ETH) on its platform.
Back in 2021, the Japanese company launched its own Rakuten Coin, a crypto token it said would be used as part of its points-based loyalty rewards program.
Rakuten’s stock has declined 60% over the last five years to trade at $4.97 U.S. per share.
