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Japanese E-commerce Giant Mercari Launches Ethereum Trading

source-logo  cryptonews.com 23 May 2024 00:23, UTC

The Japanese e-commerce giant Mercari has taken another step into the crypto sphere by launching Ethereum (ETH) trading services on its app.

The Japanese media outlet CoinPost reported that the firm unveiled the service for Mercari users on May 21.

Ethereum Nod for Japanese E-commerce Giant Mercari

Mercari says it is Japan’s “biggest marketplace.” It operates a “flea market” platform in the same vein as firms like eBay.

A man uses a smart courier machine to send a Mercari parcel. (Source: TBS News Dig Powered by JNN)

In recent years, the firm has pivoted toward crypto. It has launched a crypto exchange that it has integrated with its marketplace app.

This exchange has already proven a success. A survey conducted last year found that newer Japanese crypto users were more likely to use the crypto exchanges of Mercari or its e-commerce rival Rakuten than the platforms of more established crypto players.

In January, Mercari also announced, via its Tokyo-based crypto subsidiary Melcoin, that it would begin accepting Bitcoin (BTC) on its platform.

Melcoin processes BTC payments made on the platform, with “over 100,000” Bitcoin transactions already completed.

Initially, buyers will be allowed to pay in Bitcoin, but vendors will receive yen. Prices will also be displayed in yen only.

Mercari launched Bitcoin trading services on its app in March, with ETH the second coin to be added.

A graph from Google Trends showing the rise in Japanese searches using the word “Ethereum” over the past 12 months.
A graph from Google Trends showing the rise in Japanese searches using the word “Ethereum” over the past 12 months.

The ETH rollout will be made “in stages.” And Mercari users will be able to buy Ethereum with either credit or debit cards – or the firm’s own loyalty points.

The firm says that around 2 million people have already started using its BTC trading services.

Google Trends data shows a sharp rise in Ethereum-related searches since the start of the year in Japan.

ETH interest has spiked again in recent days. This is likely due to reports that the United States Securities and Exchange Commission may soon approve spot ETH exchange-traded funds (ETFs).