Mercari, a leading Japanese e-commerce platform, is set to accept Bitcoin as a payment option for its flea market app-listed products starting in June. This move will be facilitated through its Tokyo-based crypto exchange subsidiary, Melcoin.
While the prices of items listed on the flea market app will be shown in Japanese yen, users will have the option to pay in Bitcoin. Despite this, vendors and sellers will still receive payment in local fiat currency. This is because the marketplace will convert the Bitcoin through its exchange partner in real time.
As one of Japan’s largest consumer-to-consumer e-commerce marketplaces, Mercari boasts 22 million monthly users. Since its launch in 2013, it has grown to become the country’s largest community-based e-commerce platform, with a usage rate of 94%. In the third quarter of 2023, the platform reported a profit of 2.8 billion yen ($19.4 million). The introduction of Bitcoin as a payment option could potentially boost the adoption of BTC in the tech-savvy nation.
Mercari has shown a consistent interest in cryptocurrency. The company recently launched the Mercari Bitcoin crypto trading service, which allows users to buy and sell BTC using proceeds from sales on the platform. Additionally, the e-commerce giant’s loyalty program is crypto-centered, enabling users to exchange their points for cryptocurrency.
Japan is known for its pro-crypto stance, with regulations that encourage businesses to operate and offer their services to customers. This has allowed e-commerce platforms to serve as gateways for crypto adoption in the country. In addition to Mercari, Rakuten, another major e-commerce platform, has been pro-crypto for a long time. It allows users to convert loyalty points to crypto and has developed a native nonfungible token platform.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇯🇵 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | None |
| Companies | Nikkei, Melcoin, BlackRock, Mercari, Rakuten |
| Currencies | Bitcoin, Japanese Yen |
| Securities | None |
