General marketplace Mercari has established its new subsidiary in India and received a license to plan and develop services pertaining to crypto assets and blockchain in Japan, the company said.
Mercari, which operates in Japan and the U.S., incorporated Mercari Software Technologies India Private Limited in Bengaluru, according to a company announcement. Also called India Center of Excellence, the new branch aims to capitalize on the technical and engineering skills of local professionals to come up with innovative internet services.
Tokyo-headquartered Mercari revealed its plans for the overseas subsidiary and dealing in crypto assets a couple of months ago.
Mercoin, a tech-building arm of Mercari, completed its registration as a crypto asset exchange company under Japanese law, according to a separate media statement. The company will start facilitating trade in Bitcoin using sales points by the end of June 2023, it added.
“In the future, we aim to create an environment where more convenient financial services can be used, such as purchasing cryptographic assets and providing asset management functions, in addition to providing payment, remittance, and credit functions,” said the company.
Mercari, founded in 2013, is expanding its role beyond that of a horizontal, whilst keeping new ventures supportive to its core business of interpersonal exchanges and the trade of goods and services. Its entry into the high-tech world of blockchain got a boost from regulatory technology firm Basset Inc., which it acquired last year for risk management and compliance in cryptocurrencies for digital payment.