Japan-based marketplace operator Mercari Inc. is to integrate crypto-focused regtech (regulatory technology) company Basset Inc., which it acquired two years ago, with its fintech subsidiary MerCoin.

“We have decided to merge [Basset] with MerCoin in order to create a synergistic effect, strengthen the competitiveness of the group and improve profitability,” Mercari said in a news release.

Mercari acquired Basset for an undisclosed amount in 2021 to improve risk management and compliance related to crypto assets and blockchain. This followed its rollout of crypto-asset trading in April of that year.

After the merger takes effect on 30 June, the Basset brand will disappear.

MerCoin, together with digital payment subsidiary MerPay, generated revenue of JPY7.8 billion for Mercari in the three months to March — accounting for 18% of its total revenue, according to the company’s financial reporting.

Mercari was founded in 2013 and launched in the U.S. the following year. Jp.Mercari.com had 81.1 million visits in April 2023, according to SimiliarWeb, putting it ahead of its main rival Auctions.yahoo.co.jp (78.1 million visits).

Related Articles