Japan’s Bitbank launches Bitcoin-based rewards redemption platform



See the original story in Japanese.

Tokyo-based Bitbank, previously known as Bitcheck, launched a Bitcoin-based rewards redemption platform called “Bitcoin Get” on Tuesday. On the Bitcoin Get platform, users can get rewards in bitcoin in return for actions that advertisers propose such as encouraging users to install an app or sign up for a service. Bitcoin Get is available via PC and smartphone, and the company is developing an Android version.

Bitbank lists 700 to 1,000 actions from advertisers at all times through partnerships with rewards agencies. Bitbank is known for having placed a Bitcoin ATM at a restaurant in Roppongi in May. Subsequently they have introduced Bitbank Wallet, a payments processing service called Bitbank Pay.

According to Bitbank CMO Yuji Kusunoki, they foresee that their Bitcoin-based rewards platform can differentiate from conventional rewards platform in several aspects. He explained:

In contrast to conventional rewards platforms serving “rewards junkies”, our platform has a large user base of finance-savvy people, which may change the demographics of advertisers using us from encouraging users to install apps or sign up for a new service to introducing new financial services.

With the launch of Bitcoin Get, we aim to reach potential users who don’t buy but are interested in using Bitcoins if given away. In this way, we are keen to expand the range of Bitcoin users.

This has not disclosed but the company has fundraised from several angel investors in Japan as well as Southeast Asian countries. While Japan has many convenient payment solutions, which make the convenience of digital currencies less outstanding. Bitbank plans to expand to regions where payments solutions are yet to be modernized.

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