Japanese E-commerce Giant Mercari’s Crypto Exchange Revenues ‘Up x9’ on 2023

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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Last updated:

November 6, 2024 18:30 EST

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The Japanese e-commerce titan Mercari has seen a ninefold rise in its crypto exchange trading revenues over the past year.

The firm posted financial figures on the Mercari website, where it revealed its Q3 figures. These show revenues of 271 million yen ($1.8 million) for its Melcoin crypto exchange arm in the period from July to September 2024.

Mercari Crypto Drive Paying Off?

The Japanese media outlet CoinPost noted that this “represents an x9 increase from the 30 million yen [$195,000] recorded in the same period of the previous fiscal year.”

Mercari launched Melcoin in 2021 as a wholly owned subsidiary. Melcoin started offering Bitcoin (BTC) trading services in March 2023.

In May this year, it added support for Ethereum (ETH) and also plans to launch NFT-related services.

The exchange’s parent firm has also integrated its loyalty points with Melcoin’s platform. This means Mercari users can use their points to buy BTC and ETH on Melcoin.

In April, Mercari reported that over 2 million customers had used its Bitcoin trading service in the first year since Melcoin launched BTC trading.

Bitcoin Pay Features

The company has become increasingly crypto-keen. In February, Mercari rolled out a feature that lets customers use Bitcoin to pay for purchases on its main platform.

Mercari said some 100,000 sales were made in BTC in the first four weeks of the new feature’s launch.

The company said it was “expanding the types” and “usage scenarios” of its “cryptocurrency” offerings and services.

Its fintech operations – which includes Melcoin – posted a sales revenue total of over $58 million, up 37% on Q3 of 2023.

Keisuke Igarashi, the CEO’s Office PR Manager at bitFlyer, told Cryptonews.com:

“The number of accounts opened on Melcoin has exceeded 2.2 million in just over a year since the service was launched. We feel that it has become a receptacle for new entrants into the crypto market.”

RWA Focus to Follow?

The firm has also unveiled plans to launch real-world assets (RWA) trading services. Melcoin’s CEO suggested these could involve trading cards and artwork.

The Mercari crypto drive is unlikely to slow: The firm is set to make an official announcement on its RWA plans in the next few weeks.

Late last year, a survey found that Japanese crypto “newbies” were more likely to use Melcoin or Rakuten Wallet than traditional crypto exchange rivals.

Rakuten Wallet is operated by Rakuten, another large Japanese conglomerate active in the e-commerce sector.