Japanese Crypto Newbies Prefer Mercari and Rakuten Exchanges
A recent study conducted by Mobile Marketing Data Labo found that first-time Japanese crypto investors are most likely to choose exchanges operated by Mercari and Rakuten. The survey, which asked 30,000 Japanese men and women aged between 20 and 69 about their crypto exchange experiences, revealed that only 11% of respondents had ever used a crypto exchange. Of the respondents who started using crypto exchange services in 2023, the majority opted for services provided by Mercari and Rakuten. Meanwhile, traditional market leader bitFlyer placed third in terms of popularity.
What Attracts New Japanese Investors to Mercari & Rakuten?
The study also showed that Mercari’s Bitcoin Trading app and Rakuten’s Rakuten Wallet platform were the top choices among Japanese crypto newbies who started trading coins at the end of 2022. These platforms offered convenience and the ability to trade loyalty points for crypto, which proved to be a draw for users. In contrast, well-funded operators Coincheck and SBI VC Trade claimed a smaller share of new users. The trend remained consistent among respondents who had been trading coins for less than a year.
Expansion and Integration Strategies
Mercari’s crypto services launched earlier this year and quickly reached one million users by October. Similarly, Rakuten Wallet attracted users by allowing them to exchange points earned from trading or spending money on Rakuten Market or Rakuten Card accounts into crypto. In addition, Rakuten announced in June that users could top up their e-pay accounts with their crypto holdings. These integration strategies with existing loyalty point programs have contributed to the success of both Mercari and Rakuten in attracting new Japanese crypto investors.
Hot Take: Japanese Crypto Newbies Prefer User-Friendly Platforms
The survey results indicate that when it comes to choosing a crypto exchange, first-time Japanese investors prioritize user-friendly platforms that offer convenience and integration with existing loyalty point programs. Mercari and Rakuten have successfully captured the attention of these new users, surpassing traditional market leaders. This trend highlights the importance of providing a seamless and accessible trading experience to attract and retain crypto investors. As the crypto market continues to grow, exchanges will need to focus on user experience and innovative features to remain competitive in attracting new users.
By
By
By
By