[NEW] Mercari tops industry in number of cryptocurrency account openings in the past year

Mercari announced on the 30th of last month that the number of accounts for the Bitcoin trading service provided by its subsidiary, Mercoin, which provides and develops blockchain services, has exceeded 2.2 million.

This is the highest number of cryptocurrency accounts opened in the industry in the past year from April last year to the end of March this year.

Mercari also explained that the number of cryptocurrency accounts opened on its Bitcoin trading service has exceeded that of major cryptocurrency exchange operators that have published their account numbers.

According to the latest monthly cryptocurrency trading data from the Japan Cryptocurrency Exchange Association (JVCEA), the number of new accounts opened in the past year was approximately 3.1 million. During the same period, the number of cryptocurrency accounts opened by Mercoin was approximately 1.91 million, recording a 61.5% market share, more than half of the total.

In addition, as of the end of March 2024, Mercari had 2.02 million accounts, while Coincheck, another domestic cryptocurrency exchange, had 1.98 million accounts, and GMO Coin, which Forbes ranked 14th as the "world's most trusted cryptocurrency exchange," had about 630,000 accounts, indicating that the customer base is rapidly expanding.

Mercari pointed out that the cryptocurrency industry in Japan had seen great excitement in the past, but due to past cases of unauthorized cryptocurrency leaks and the bankruptcy of major cryptocurrency companies such as FTX, many people have a negative image of it, such as "it seems like you'll lose money" and "it's scary," and the increase in cryptocurrency trading accounts has been waning.

In this situation, Japan has been a pioneer in establishing regulations regarding the entry of businesses into the market and the provision of services, and as a result, it says that a foundation for safe and secure use of cryptocurrencies has been created, even among the rest of the world.

This year, the price of Bitcoin (BTC) has risen sharply, reflecting the approval of a Bitcoin spot ETF by the SEC (U.S. Securities and Exchange Commission) and expectations of a price rise after the halving in April. Reflecting these expectations, the number of cryptocurrency accounts opened in Japan has also accelerated. As of March, the number exceeded 9.9 million, and at the end of April, it exceeded the milestone of 10 million accounts. In particular, the number of cryptocurrency accounts opened in the past year has tripled compared to the previous year.

60% of users have a positive image of Bitcoin

The increase in the number of cryptocurrency accounts is due to the expansion of cryptocurrency to a user group that has not previously been exposed to cryptocurrencies. According to a survey conducted by Mercari on users who have purchased Bitcoin, one in three people who "purchased Bitcoin for the first time" purchased it within the past year.

Looking at Bitcoin purchasers by generation, half of the total were over 50 years old, followed by those in their 40s. On the other hand, Mercari's Bitcoin trading service had an almost equal proportion of users in their 20s to 50s. Compared to the overall trend, Mercari users are from a wide range of generations, including younger generations.

Bitcoin has often been viewed negatively, but according to a survey by Mercari, 64.7% of users answered that their image of Bitcoin has changed to a positive one in the past year.

The reasons given were that it was easier than they thought and that they could start with a small amount of money, and many people felt that the hurdles were low.

Mercari is currently expanding the range of services that use crypto assets, such as allowing payments with Bitcoin. With 22 million users, the number of cryptocurrency accounts may increase further in the future.

Reference: Mercari News
Image: Mercari News

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