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Japanese E-commerce Leader Mercari Reports Ninefold Increase in Crypto Exchange Earnings for 2023
The Japanese e-commerce giant Mercari has experienced a ninefold increase in its crypto exchange trading revenues over the last year.
The company disclosed its financial results on the Mercari website, revealing its Q3 data. This indicates revenues of 271 million yen ($1.8 million) for its Melcoin crypto exchange division during the period from July to September 2024.
Mercari’s Crypto Initiative Yielding Results?
The Japanese news outlet CoinPost highlighted that this “marks a ninefold rise from the 30 million yen [$195,000] reported in the same timeframe of the previous fiscal year.”
Mercari established Melcoin in 2021 as a fully owned subsidiary. Melcoin commenced offering Bitcoin (BTC) trading services in March 2023.
The Mercari app. (Source: Nikkei/YouTube/Screenshot)
In May of this year, it introduced support for Ethereum (ETH) and also intends to launch services related to NFTs.
The exchange’s parent company has integrated its loyalty points with Melcoin’s platform, allowing Mercari users to utilize their points to purchase BTC and ETH on Melcoin.
In April, Mercari announced that over 2 million customers had engaged with its Bitcoin trading service in the first year following Melcoin’s launch of BTC trading.
Bitcoin Payment Features
The company has shown a growing interest in cryptocurrency. In February, Mercari introduced a feature enabling customers to use Bitcoin for purchases on its primary platform.
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Mercari reported that approximately 100,000 transactions were conducted in BTC within the first four weeks of the new feature’s introduction.
The company stated it was “broadening the types” and “usage scenarios” of its “cryptocurrency” products and services.
Its fintech operations, which encompass Melcoin, recorded a sales revenue exceeding $58 million, reflecting a 37% increase compared to Q3 of 2023.
Keisuke Igarashi, the PR Manager for the CEO’s Office at bitFlyer, informed Cryptonews.com:
“The number of accounts created on Melcoin has surpassed 2.2 million in just over a year since the service was launched. We believe it has become a gateway for new participants in the crypto market.”
Some members of the Bank of Japan board expressed skepticism regarding the potential benefits of introducing a rate path projection akin to the Federal Reserve’s dot plot during discussions at their September meeting https://t.co/2xmneg3qzf
— Bloomberg Markets (@markets) November 6, 2024
Focus on Real-World Assets Ahead?
The company has also announced intentions to introduce trading services for real-world assets (RWA). The CEO of Melcoin indicated that these could include trading cards and artwork.
Mercari’s crypto initiative is unlikely to decelerate: the company is expected to make an official announcement regarding its RWA plans in the coming weeks.
Late last year, a survey indicated that Japanese crypto “newcomers” were more inclined to use Melcoin or Rakuten Wallet compared to traditional crypto exchange competitors.
Rakuten Wallet is managed by Rakuten, another major Japanese conglomerate involved in the e-commerce industry.
The post Japanese E-commerce Giant Mercari’s Crypto Exchange Revenues ‘Up x9′ on 2023 appeared first on Cryptonews.
