Blockchain and the Rise of Borderless Currency with Rakuten
There's more to the blockchain than cryptocurrency. Rakuten has announced its plans to introduce a blockchain-based loyalty system (based on its acquisition in early 2015 of integrated bitcoin wallet service Bitnet Technologies) that will take existing the Rakuten Points offering, turn those loyalty points into a cryptocurrency all its own called Rakuten Coin.
Rakuten Chief Executive Officer Hiroshi "Mickey" Mikitani announced the development of the blockchain-based loyalty system and cryptocurrency while on stage at Mobile World Congress 2018 in Barcelona.
The new development is being positioned as a "borderless currency" that could be transferred and used anywhere Rakuten customers access the service.
The current loyalty system, Rakuten Super Points, has awarded more than 1 trillion Super Points to users since the program's launch 15 years ago, totaling $9.1 billion.