Mercari Embraces Bitcoin Payments through Melcoin Subsidiary

One of the largest e-commerce platforms in Japan, Mercari, has announced that it will begin accepting Bitcoin (BTC) in June of this year.

The firm will reportedly process Bitcoin payments through its Tokyo-based cryptocurrency subsidiary, Melcoin, according to a Nikkei report.

All BTC payments will be converted to yen by Melcoin, which means that while purchasers will have the option to pay in BTC, vendors will receive fiat.

The company will refrain from publishing prices in Bitcoin; instead, objects will be listed for sale in fiat yen.

Customers will have the option to utilize Bitcoin (BTC) as a method of payment when conducting transactions on the website. Since its inception in 2013, Mercari has grown to become the largest community marketplace platform in Japan.

The organization reported having 22 million monthly subscribers as of July 2023. Additionally, the company is endeavoring to establish a foothold in international markets, such as Europe.

The company has introduced several cryptocurrency-related products in recent months, one of which is the Mercari Bitcoin cryptocurrency trading service.

Users can purchase and sell Bitcoin using the revenue generated from their transactions on the platform.

Additionally, the platform incorporates a loyalty points system integrated with Mercari’s cryptocurrency trading division, allowing users to exchange their points for Bitcoin. Seven months after its inception, the Mercari Bitcoin trading service surpassed one million users in October, according to the company.

Mercari reported in June last year that approximately 80% of its crypto consumers lacked prior experience trading crypto assets.

The Mercari service, along with a competing platform managed by Rakuten, has been dubbed a “gateway” by observers for cryptocurrency and Bitcoin traders and investors.

Rakuten, an additional prominent Japanese e-commerce platform, has a longer history than Mercari in the cryptocurrency space.

The organization manages the cryptocurrency trading service Rakuten Wallet. Additionally, its loyalty rewards program has been integrated with its cryptocurrency division, enabling users to exchange their points for crypto assets.

Japanese individuals who began trading cryptocurrencies at the end of 2022 opted overwhelmingly for Mercari’s Bitcoin Trading app (24.7%) or Rakuten’s Rakuten Wallet platform (24.2%), according to a survey conducted last month.

The news greatly affected the largest cryptocurrency exchanges in the country. With an 11.3% market share, the traditional market leader, BitFlyer, ranked third, trailing the two e-commerce titans.