Mercari, Japan’s ecommerce platform with over 22 million monthly active users, is planning to accept bitcoin payment, enabling users to purchase products in bitcoin by June this year, according to Nikkei.
Payments in bitcoin are set to be hosted by the company’s Tokyo-based blockchain subsidiary, Melcoin.
While prices on Mercari would remain displayed in Japanese yen, users of the app would be able to make payments with the world’s largest cryptocurrency by market capitalization, according to the report.
Melcoin plans to serve as an intermediary that transfers bitcoin to the seller in yen, imposing transaction fees similar to those in sales made in fiat currency. It remains unclear if users would be charged the same amount of fees.
In March 2023, Mercari launched its own bitcoin exchange, allowing users to purchase bitcoin through the app using their bank account balance, sales proceeds and free points earned from selling activities on the platform, according to its website.
Mercari, founded in 2013, reported 2.8 billion yen ($19.4 million) in profit in the third quarter of 2023, compared to 555 million yen in the same period in the previous year, according to its latest earnings report. The company generated 44.27 billion yen in revenue in the same period, up 11.2% year-on-year.