Japanese Crypto Newbies Flocking to Mercari, Rakuten Wallet

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Japanese Crypto Newbies Flocking to Mercari, Rakuten Wallet

Japanese Crypto Newbies Flocking to Mercari, Rakuten Wallet
Supply: mehaniq41/Adobe

First-time Japanese crypto investors are almost definitely to decide on exchanges operated by Mercari and Rakuten, a brand new examine has discovered.

The survey was performed by Mobile Marketing Data Labo, who requested 30,000 Japanese women and men aged between 20 and 69 about their crypto change experiences in November.

Solely 11% of respondents stated that they had ever used a crypto change. And 1,728 respondents stated that they had began utilizing crypto change providers in 2023.

The overwhelming majority of this quantity stated that they had opted for providers offered by the commerce giants Mercari and Rakuten.

Japanese crypto newbies, individuals who began buying and selling cash on the finish of 2022, overwhelmingly selected Mercari’s Bitcoin Buying and selling app (24.7%) or Rakuten’s Rakuten Pockets platform (24.2%).

The normal market chief, bitFlyer, positioned third with 11.3% of the share.

A graph showing trading volumes on the bitFlyer crypto exchange over the past 12 months.
Buying and selling volumes on the bitFlyer crypto change over the previous 12 months. (Supply: CoinGecko)

What Is Drawing Newer Japanese Crypto Buyers to Mercari & Rakuten?

There was grim studying for 2 of the trade’s hard-hitting gamers, Coincheck and SBI VC Commerce.

Each are operated by well-funded, crypto-keen securities operators, however respectively claimed 10.6% and eight.2% of the beginner pie.

The traits have been simply as pronounced within the group of 1,675 respondents who stated that they had been buying and selling cash for lower than a yr.

Nearly 27% of this group stated they have been Rakuten Pockets customers, with nearly 21% selecting Mercari – and bitFlyer in third with 12%.

Each Rakuten and Mercari have tried to link their crypto trading arms with their loyalty point programs.

This method seems to have introduced success for each corporations: Respondents stated that the “comfort” of having the ability to commerce loyalty factors for crypto was a draw.

Huge Crypto Strikes from Japanese Biz Giants?

Mercari’s crypto providers launched early this yr and hit the 1 million consumer mark in October.

In July this yr, Mercari claimed to have “greater than 22 million” month-to-month lively customers.

For its half, Rakuten claimed in September this yr that it had simply in need of 41 million month-to-month lively customers.

Rakuten Pockets permits clients to change the factors they earn by buying and selling on Rakuten Market (or by spending cash with Rakuten Card accounts) into crypto.

In June, Rakuten introduced it would let its users top up their e-pay accounts with their crypto holdings.

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