Japan’s Mercari to Accept Bitcoin Payments in 2024
The e-commerce giant in Japan, Mercari, has announced that it will start accepting Bitcoin (BTC) payments from June 2024. This means that users will be able to purchase products on the app using BTC. The move is made possible through Mercari’s subsidiary, Melcoin, a crypto-exchange based in Tokyo that will handle bitcoin transactions. Prices on the marketplace app will still be displayed in Japanese yen, but users will have the option to pay with bitcoin. Sellers will receive the BTC paid and Melcoin will convert it into fiat currency in real time.
Mercari’s Adoption of Bitcoin and Cryptocurrencies
Mercari, launched in 2013, is one of Japan’s largest consumer-to-consumer e-commerce platforms with 22 million monthly users and a high utilization rate. This acceptance of Bitcoin payments could potentially boost the adoption of cryptocurrencies in Japan. Mercari has already ventured into crypto with the launch of Mercari Bitcoin, a crypto-trading service that allows users to buy and sell BTC using proceeds from sales on the platform. The company also has a loyalty program that enables users to exchange their points for crypto.
Bitcoin Adoption Fund by Nomura Bank
In related news from Japan, Nomura’s subsidiary for digital assets, Laser Digital Asset Management, recently launched the Bitcoin Adoption Fund for institutional investors. This fund offers direct exposure to BTC and is a significant recognition of Bitcoin by one of Japan’s financial giants. With over $500 billion in assets, Nomura aims to provide long-only exposure to Bitcoin through this initiative. The custody of the crypto assets seems to be entrusted to Komainu, a company chosen by Nomura’s subsidiary.
Hot Take: Mercari Paves the Way for Bitcoin Adoption in Japan
Mercari’s decision to accept Bitcoin payments is a significant development that could encourage wider adoption of cryptocurrencies in Japan. With its large user base and high utilization rate, Mercari has the potential to introduce Bitcoin to millions of users. This move also aligns with other initiatives in Japan, such as Nomura’s Bitcoin Adoption Fund, which further demonstrates the growing recognition and acceptance of Bitcoin in the country. As more major players embrace cryptocurrencies, it paves the way for increased mainstream adoption and integration of digital assets into everyday transactions.
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