Mercari Subsidiary to Accept Bitcoin Payments
Japan’s e-commerce platform Mercari plans to boost Bitcoin adoption by accepting BTC payments on its platform starting June 2024. The company’s cryptocurrency subsidiary, Melcoin, will handle Bitcoin transactions and convert them into Japanese yen for vendors. While prices will be listed in yen, customers will have the option to pay with Bitcoin.
Expanding Footprint in International Markets
Mercari, established in 2013, is Japan’s largest community marketplace platform with 22 million monthly users. The company has been actively expanding internationally, particularly in Europe. In addition to accepting Bitcoin payments, Mercari has introduced various crypto-related products and services, including a Bitcoin trading service and a loyalty points system that allows users to exchange points for Bitcoin.
Japanese Businesses Offering Gateway for Crypto
Mercari and Rakuten, another prominent Japanese e-commerce platform, are considered gateways for Bitcoin and cryptocurrency investors and traders. Rakuten operates the Rakuten Wallet crypto trading service and has integrated its loyalty points program with its cryptocurrency arm. A recent survey showed that Mercari’s Bitcoin Trading app and Rakuten Wallet were favored by individuals who started coin trading in late 2022. This presents a challenge for traditional crypto exchanges in Japan.
Hot Take: Boosting Bitcoin Adoption in Japan
The move by Mercari to accept Bitcoin payments is a significant step towards boosting cryptocurrency adoption in Japan. By providing a user-friendly platform and integrating crypto-related services, Mercari is making it easier for individuals to engage with cryptocurrencies. This trend is further supported by Rakuten’s involvement in the crypto space. As more businesses in Japan embrace cryptocurrencies, it creates a gateway for new investors and traders to enter the market. With tax reforms also underway, the crypto industry in Japan is poised for further growth and development in the coming years.
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