Mercari, one of Japan's largest e-commerce platforms, is set to accept Bitcoin (BTC) payments for purchases made on its flea market app.
Mercari, one of Japan's largest e-commerce platforms, is set to accept Bitcoin (BTC) payments for purchases made on its flea market app starting in June 2024, according to a report by Nikkei.
The integration of Bitcoin payments will be facilitated through Mercari's Tokyo-based crypto exchange subsidiary, Mercoin.
While items listed on the platform will continue to be displayed in Japanese yen, users will soon have the option to pay using BTC. Mercari will convert the BTC in real time through its crypto exchange subsidiary, and will pay sellers in fiat currency.
Mercari's subsidiary, Mercoin, will be responsible for converting all Bitcoin payments into Japanese yen, ensuring that vendors receive the equivalent amount in fiat currency. Notably, Mercari will not display prices in Bitcoin, maintaining the listing of items for sale in Japanese yen.
Founded in 2013, Mercari has become Japan’s largest community marketplace, with over 22 million monthly users. The e-commerce platform launched crypto exchange Mercoin in April 2021, positioning itself as a gateway for crypto adoption in the tech-savvy nation.
Japan's pro-crypto regulations have encouraged e-commerce platforms to offer cryptocurrency payment options. Rakuten, another major e-commerce platform, has launched a few crypto initiatives, including allowing users to convert loyalty points to crypto and developing a native non-fungible token platform.
Japan is seeking to encourage further adoption and innovation in the web3 space. According to Fumio Kishida, the prime minister of Japan, Web3 is an aspect of the new form of capitalism. Furthermore, startups can now raise funds in crypto, while Japan is reforming new tax laws to exempt companies from paying taxes on long-term holdings of cryptocurrencies. Japan’s largest investment bank, Nomura, also launched a Bitcoin adoption fund in September 2023.
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