Mercari's cryptocurrency exchange division, Melcoin, reportedly marked an astonishing ninefold increase in trading revenues that reached 271 million yen ($1.8 million).
Mercari's cryptocurrency exchange division, Melcoin, reportedly marked an astonishing ninefold increase in trading revenues that reached 271 million yen ($1.8 million) in the third quarter of 2024. The incredible growth, compared to the previous year's 30 million yen, seals a critical milestone in the Japanese e-commerce leader's digital currency initiative.
Melcoin started trading Bitcoin in March 2023 and has been expanding its cryptocurrency offerings since then. In May 2024, Ethereum was added, and the integration with Mercari's loyalty point system is going smoothly. The exchange's success is reflected in the user count, with over 2.2 million accounts opened within one year of operation.
Meanwhile, the broader fintech operations at Mercari of which Melcoin is a part are performing strongly, with sales revenue in the quarter reaching $58 million, an increase of 37% from the same period last year. Bitcoin payment options launched on the main platform in February this year are also faring well, with 100,000 transactions completed in the first month alone.
In the future, Mercari plans to offer RWA trading, possibly including trading cards and artwork. With its seamless crypto integration, the company is at the forefront of major Japanese conglomerates like Rakuten in the mainstream adoption of cryptocurrency in Japan's e-commerce industry.
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