[NEWS] Mercari's cryptocurrency trading revenues increase 9-fold year-on-year

Mercari announced its financial results for the July-September 2024 period on the 5th. In the report, the company revealed that revenue from cryptocurrency (virtual currency) trading through Merccoin, a cryptocurrency exchange, reached 271 million yen.

The company said that this was accounted for as a derivative in accordance with IFRS 9.

In the same period last year, revenue from cryptocurrency trading on Merccoin was 30 million yen. Therefore, following the announcement of this financial result, revenue has increased by about nine times.

Mercari launched its cryptocurrency-related services in March last year, starting with a Bitcoin (BTC) trading service. Since then, the number of users has steadily increased, and the number of cryptocurrency accounts opened in the past year from April last year to the end of March this year reached 2.2 million. Mercari's progress is also noticeable when looking at the number of cryptocurrency accounts opened in Japan during the same period, accounting for the majority of them.

Mercari is accelerating the expansion of its cryptocurrency-related services.

In February of this year, it introduced a payment feature on the Mercari app that allows users to use their Bitcoin when purchasing items. Until now, the focus had been on owning Bitcoin, but the background to this was to provide a new purchasing experience by creating opportunities to actually use it.

In addition, an Ethereum trading service was launched in May, and a "Bitcoin Savings Feature" was added in August, followed by an "Ethereum Savings Feature" in October.

Mercari plans to continue handling new cryptocurrencies and expanding its related services.

Reference: Settlement of accounts
Image: Shutterstock

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