Japanese e-commerce giant Mercari launches Ethereum trading

Last updated:

May 22, 2024 7:30 PM EDT
| 1 minute reading

Japanese e-commerce giant Mercari has taken the next step into the cryptocurrency space by launching Ethereum (ETH) trading services on its app.

The Japanese portal CoinPost reported that on May 21, the company presented the service to Mercari users.

Ethereum nods to Japanese e-commerce giant Mercari

Mercari claims it is the “largest market in Japan.” It operates a “flea market” platform in the same spirit as companies like eBay.

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

In recent years, the company has turned to cryptocurrencies. It launched a cryptocurrency exchange, which it integrated with its market application.

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

In January, Mercari also announced, through its Tokyo-based cryptocurrency 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 able to pay in Bitcoin, but sellers will receive Yen. Prices will also only be displayed in yen.

In March, Mercari launched Bitcoin trading services on its app, and the second coin to be added is ETH.

Google Trends chart showing the increase in searches for “Ethereum” in Japan over the last 12 months.

The implementation of ETH will take place “in stages”. Mercari users will be able to purchase Ethereum using credit or debit cards – or the company’s own loyalty points.

The company claims that approximately 2 million people have already started using its BTC trading services.

Google Trends data shows a surge in Ethereum-related searches since the beginning of the year in Japan.

In recent days, interest in ETH has increased again. This is likely due to reports that the U.S. Securities and Exchange Commission may soon approve ETH spot funds (ETFs).