Mercadolibre, the largest e-commerce site in Latin America, is stepping up its bet on cryptocurrencies after several successful experiences.
An executive announced today that the company will offer a service to buy, sell, and save cryptocurrencies within the next few days. This service was initially made available to Brazilian customers.
Brazil gets new cryptographic services
Bloomberg reports that Tulio Oliveira (Vice President of MercadoPago) stated that Mercadolibre is interested in cryptocurrencies to be a focal point for the development of its financial arm.
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The company’s goal is to explore the Brazilian crypto scene, then expand its services to other countries.
It is extremely advanced. It passed beta without major problems and will soon be available for launch.
Although Mercadolibre was established in Argentina, it makes sense, to begin with Brazil. Brazil, home to nearly 11 million users is the main market for the company. Additionally, Brazil has the strongest economy in the region and is a relatively cryptocurrency-friendly country. Recent polls revealed that 48% are pro-bitcoin.
Brazil currently has four cryptocurrencies ETFs approved. HASH11 tracks the Nasdaq Crypto Index which is the most widely used tech ETF among Investors. Many fintech support cryptocurrencies.
Crypto.com also recently selected Brazil as the first market in South America to receive its cryptocurrency-backed Visa debit card.
Mercadolibre is a crypto-fiendly soul
Mercadolibre’s fintech company is MercadoPago. The company currently offers a variety of services to banked and non-banked Brazilians, including credit cards, debit cards, and POS. Although no details are available about the cryptocurrency service it could be integrated into the Mercadopago platform.
The world of cryptocurrency is not unfamiliar to the e-commerce giant. The company announced that it had acquired Bitcoin worth $ 7,8 million as part of its Treasury Strategy in May 2021.
MercadoPago, too, was a founding member in the infamous Libra Association. This was a Facebook-led crypto project that failed after heavy criticism from regulators.
MercadoLibre would be a gateway into the cryptocurrency world for more than 10 million Brazilian users and more than 200 million Latin American users. Statista data shows that Amazon is second in Mexico to Mercadolibre.