Mercari’s Impressive Growth in Crypto Trading Revenues
Mercari, the prominent e-commerce company from Japan, has experienced a remarkable ninefold increase in its crypto exchange trading revenues over the past year. During the third quarter of 2024, the company revealed financial figures on its official website, detailing revenues of 271 million yen (approximately $1.8 million) for its crypto exchange subsidiary, Melcoin, for the period spanning July to September.
Melcoin’s Rapid Expansion
According to CoinPost, a Japanese media outlet, this revenue surge signifies a significant increase from the 30 million yen (around $195,000) reported in the same quarter of the previous fiscal year. Launched in 2021, Melcoin has quickly established itself as a key player in the crypto trading landscape, offering Bitcoin (BTC) trading services since March 2023. The exchange’s parent company, Mercari, has also integrated loyalty points with the Melcoin platform, enabling users to utilize their points for purchasing BTC and Ethereum (ETH).
Enhancements and User Engagement
In May of this year, Melcoin expanded its offerings by adding support for Ethereum, alongside plans to introduce NFT-related services. As of April, Mercari reported that over 2 million customers had engaged with its Bitcoin trading service during the first year since Melcoin launched BTC trading, indicating the platform’s burgeoning popularity.
Bitcoin Payment Integration
Mercari’s commitment to integrating cryptocurrency into its main platform is evident with the introduction of a feature allowing users to make purchases using Bitcoin. After the feature’s launch in February, approximately 100,000 sales were completed in BTC within the first month alone. The company aims to broaden its range of cryptocurrency services and explore various usage scenarios.
Fintech Operations Surge
The firm’s fintech segment, which includes Melcoin, recorded a total sales revenue exceeding $58 million, marking a 37% increase compared to Q3 of 2023. This growth reflects Mercari’s strategic push into the crypto space, as they seek to engage a wider audience.
Future Plans for Real-World Assets
Looking ahead, Melcoin is set to launch trading services for real-world assets (RWA), with suggestions that these offerings could encompass trading cards and artwork. The CEO of Melcoin has indicated that an official announcement regarding these plans will be made in the coming weeks, further solidifying Mercari’s position in the evolving crypto market.
Market Position and User Preferences
A recent survey highlighted that Japanese crypto “newbies” are increasingly favoring Melcoin and Rakuten Wallet over traditional crypto exchange competitors. Rakuten Wallet is operated by another major player in the Japanese e-commerce sector, Rakuten. This trend suggests a shifting landscape within the cryptocurrency market as new users seek platforms that offer ease of access and integration with existing services.