Sunday, May 28

Mercado Libre gets closer to the crypto ecosystem

Mercado Libre, one of the largest and most used e-commerce platforms in Latin America, announced this week Investments are made by two popular exchanges in the region: 2TM, the parent company of Brazil’s Bitcoin Market, and Paxos, a blockchain infrastructure provider and stablecoin issuer.

The Argentine unicorn communicated the strategic investments, although it did not provide the amounts invested in each of the companies mentioned. MELI, named in the jargon for the ticker with which it is listed on Nasdaq, reported that the objective of the investments is “stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services to Latin American entrepreneurs and users, who are at the center of its strategy.”

Andre Chaves, Senior Vice President of Strategy and Corporate Development at Mercado Libre, stated that “2TM and Paxos share the same vision and conviction to continue innovating to offer solutions that improve people’s lives, create value and promote the development of the region”, and added that another objective is that “everyone can access the digital asset market in a simple and transparent way.”

The Argentine firm led by Marcos Galperín had already enabled on its platform in Brazil the use of cryptocurrencies to buy and pay for goods and services, in addition to the ability to buy, save and sell digital currencies through the site.

The investment in Paxos is preceded by a partnership established last year, which allowed some clients of the company to invest in cryptocurrencies directly on the Mercadolibre platform through Mercadopago, in Brazil. At that time, the company announced that it would extend this service to other countries later this year.

Read more: ► 48% of Brazilians want bitcoin to be legal tender in their country

Mercado Libre, with more than 70 million customers, is one of the largest trading platforms in the world and one of the few in Latin America that has officially reported that it has cryptocurrencies as part of its treasury. In May 2021, he reported that he had bought almost $8 million worth of bitcoin (BTC). However, the giant has not allowed all of its users to pay for goods and services, which is its main business, with cryptocurrencies, and has not announced a possible date for the introduction of this functionality.

With investments in Paxos and, the largest exchange in Latin America, MercadoLibre approaches and takes another step towards the global crypto ecosystem.


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