Japanese Crypto Newbies ‘Flock to Mercari, Rakuten Wallet’ – Survey

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

December 27, 2023 09:34 EST

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

First-time Japanese crypto investors are most likely to choose exchanges operated by Mercari and Rakuten, a new study has found.

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

Only 11% of respondents said they had ever used a crypto exchange. And 1,728 respondents said they had started using crypto exchange services in 2023.

The vast majority of this number said they had opted for services provided by the commerce giants Mercari and Rakuten.

📈🇯🇵 Mt. Gox Creditors Report Receiving Compensation Payments via PayPal in Japanese Yen

Creditors of now-defunct crypto exchange Mt. Gox have reported receiving fiat repayments for their trapped Bitcoin on Reddit's social media platform. #CryptoNewshttps://t.co/5gqMSLQHoc

— Cryptonews.com (@cryptonews) December 26, 2023

Japanese crypto newbies, people who started trading coins at the end of 2022, overwhelmingly chose Mercari’s Bitcoin Trading app (24.7%) or Rakuten’s Rakuten Wallet platform (24.2%).

The traditional market leader, bitFlyer, placed third with 11.3% of the share.

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

There was grim reading for two of the industry’s hard-hitting players, Coincheck and SBI VC Trade.

Both are operated by well-funded, crypto-keen securities operators, but respectively claimed 10.6% and 8.2% of the newbie pie.

The trends were just as pronounced in the group of 1,675 respondents who said they had been trading coins for less than a year.

Almost 27% of this group said they were Rakuten Wallet users, with almost 21% picking Mercari – and bitFlyer in third with 12%.

Both Rakuten and Mercari have attempted to link their crypto trading arms with their loyalty point programs.

This approach appears to have brought success for both firms: Respondents said that the “convenience” of being able to trade loyalty points for crypto was a draw.

Big Crypto Moves from Japanese Biz Giants?

Mercari’s crypto services launched early this year and hit the 1 million user mark in October.

In July this year, Mercari claimed to have “more than 22 million” monthly active users.

For its part, Rakuten claimed in September this year that it had just short of 41 million monthly active users.

Rakuten Wallet allows customers to exchange the points they earn by trading on Rakuten Market (or by spending money with Rakuten Card accounts) into crypto.

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