Japan’s E-comm Giant Mercari Expands Crypto Offerings with Ethereum Trading
Starting May 21, Mercari users can now trade Ethereum (ETH) within the app, making it the second cryptocurrency supported after Bitcoin (BTC). This new service was announced by Mercoin Inc., Mercari’s subsidiary focused on cryptocurrencies and blockchain services.
Just like BTC, Ethereum can be purchased starting from 1 yen using a balance charged from a financial institution or proceeds and points earned from selling items on Mercari. The rollout will be gradual, allowing users to access the service in stages.
Mercari’s foray into Bitcoin trading began in March 2023, quickly gaining popularity with over 2 million users in the first year. In February 2024, the company introduced a feature enabling users to pay with BTC when purchasing products on the app. This function saw over 100,000 BTC payments within the first month of its launch.
The addition of Ethereum trading is part of Mercari’s broader push into the crypto sphere. The firm, which operates Japan’s largest marketplace, has also integrated a crypto exchange with its app. A recent survey indicated that newer Japanese crypto users prefer Mercari’s platform over more established crypto exchanges.
Melcoin, Mercari’s Tokyo-based crypto subsidiary, processes BTC payments and will now handle ETH transactions as well. Initially, buyers can pay in Bitcoin, but vendors will receive yen, with prices displayed in yen only. The ETH rollout will allow purchases using credit or debit cards, as well as Mercari’s loyalty points.
It is worth noting that interest in Ethereum has been rising in Japan, as reflected in Google Trends data showing a spike in searches for “Ethereum” since early this year. This surge is likely tied to reports that the United States Securities and Exchange Commission (SEC) may soon approve spot ETH exchange-traded funds (ETFs), further increasing investor interest and demand for trading.
Mercari’s new move to include Ethereum trading marks a major step in its journey to maybe becoming a major player in the crypto market, complementing its existing Bitcoin services and expanding its appeal to a broader audience of crypto enthusiasts.
