Popular Japanese cryptocurrency exchange bitFlyer has joined forces with tech firm TPoint Japan to launch a reward s program with Bitcoin.
The partnership was announced in a press release published earlier this week, and according to the terms, bitFlyer will launch the TPoint Program, where users will be able to earn TPoint rewards directly from its platform.
In the press release, bitFlyer claimed that the program aims to allow users to earn loyalty points as they spend Bitcoin on purchasing products and services
In part, the release read, “As part of our mission of “Making the world simpler with blockchain,” we will continue to contribute to the further development of a sound virtual currency industry. TPoint Japan aims to turn its popular points into ‘Points for people. Points for connecting people and society.’”
The details of the rewards program showed that 100 TPoints could be used to receive 85 Yen (about $0.80) in Bitcoin. In addition to that, users will be making payments with Bitcoin via the bitFlyer Wallet platform at specific locations will get a single TPoint for every 500 Yen ($4.70) that they spend.
Some of the participating locations disclosed include outlets at local electronics retail company Bic Camera, consumer retailer Yamada Denki, HIS, and others. The launch of the rewards program is the latest in bitFlyer’s efforts to increase cryptocurrency adoption and bring these assets closer to the general public.
Late last month, the exchange announced that it had launched bitFlyer Buy/Sell, a new service in Europe that will provide simplified Bitcoin trading services within the region. According to a report from news medium Finance Magnates, the new service is primarily aimed at beginners and crypto novices, although veteran traders could hop on and make trades as well.
According to Andy Bryant, the co-lead and Chief Operating Officer for bitFlyer in the European Union, the objective of the new service is to help make the prospect of selling and buying Bitcoin as easy as possible, thus taking out the obstacle of difficulty or intimidation at the thought of making a foray into the market.
In a statement, Bryant said, “bitFlyer Buy/Sell is a virtual currency exchange for everyone – with simple two-click buy and sell capability. Not only is bitFlyer Buy/Sell easy to use, but with us users have the confidence that they are using a trusted, regulated platform with long-standing global heritage.”
It is also noteworthy that the service won’t be charging any trading fees. Rather, it is expected to get its profits from the spread between its selling and buying price. In addition to that, every transaction will be limited to 20 BTC, and the service won’t be available to traders within the United States.
bitFlyer also assured users that it would be adhering to EU regulations, so it will implement identity verification measures to prevent money laundering.