Mercari, a Japanese digital flea market platform with more than 22 million monthly active users, plans to allow users to purchase products with Bitcoin by June of this year. According to Nikkei.
Bitcoin payments will be hosted by Melcoin, a blockchain subsidiary based in Tokyo. Mercari’s prices will continue to be denominated in Japanese yen, but app users will be able to pay with the world’s largest cryptocurrency by market capitalization, according to the report.
Melcoin plans to act as an intermediary to transfer Bitcoin to sellers in yen, charging transaction fees similar to sales made in fiat currency. It is unclear whether users will be charged the same amount of fees.
In March 2023, Mercari launched its own Bitcoin exchange. According to Mercari, users can purchase Bitcoin through the app using their bank account balance, sales proceeds, and free points earned from selling activities on the platform. Website.
Mercari, founded in 2013, reported a profit of 2.8 billion yen ($19.4 million) in the third quarter of 2023, compared with 555 million yen in the same period a year earlier. earnings report. Sales during the same period were 44.27 billion yen, an increase of 11.2% compared to the same period last year.
Mercari did not immediately respond to The Block’s request for further comment.
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About the author
Danny Park is The Block’s East Asia reporter, writing about topics including Web3 development and cryptocurrency regulation in the region. He previously worked as a reporter for Forkast.News, where he actively covered the fall of Terra-Luna and FTX. Based in Seoul, Danny previously produced written and video content for media companies in Korea, Hong Kong and China. He holds a Bachelor’s degree in Journalism and Business Marketing from the University of Hong Kong.