Japanese e-commerce giant Mercari to allow Bitcoin payments for products Japanese e-commerce giant Mercari to allow Bitcoin payments for products
The BTC transactions would be converted in real time via the BTC through its exchange partner in real time.
1 min read
Updated: Jan. 8, 2024 at 1:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Mercari, a leading e-commerce platform in Japan, is gearing up to introduce Bitcoin payment options for its flea market products by June this year, as reported by Nikkei, a prominent Asia-based news outlet.
Mercoin, the company’s dedicated crypto exchange and blockchain service platform, will facilitate these payments. The platform was launched in March 2023 as an avenue for Mercari users to buy and sell BTC via the marketplace app.
Product prices would remain displayed in Japanese Yen, while users can make payments using Bitcoin. Subsequently, these BTC payments would be converted into Yen in real-time by Mercoin, which would charge an undisclosed amount for processing these transactions.
Mercari is a leading e-commerce platform in Japan, boasting 22 million active monthly users since its inception in 2013. The company expanded to the United States in 2014 and the United Kingdom in 2016. Notably, its Mercari app has been downloaded over 100 million times worldwide and is the first pre-IPO company to reach unicorn status in Japan.
The e-commerce platform posted a profit of 2.8 billion yen ($19.4 million) in the third quarter of 2023
Mercari’s BTC adoption diversifies its payment options and contributes to the mainstream acceptance of cryptocurrencies in the Asian country.
Recently, the Asian country has significantly changed its approach to regulating crypto assets. The Asian country aims to create a more conducive environment for crypto-related businesses while balancing taxation requirements.
By April, Japanese regulators announced plans to eliminate corporate taxes on unrealized crypto profits. Lobby groups like the Japan Crypto Asset Business Association (JCBA) also call for more favorable crypto regimes.
Japan is one of the few countries that has maintained strict crypto regulations. The regulatory framework was crucial in safeguarding FTX Japan customers’ funds from the parent company’s bankruptcy.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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