Mercado Libre announced in a statement on January 20 that it had acquired shares of two companies in the cryptocurrency industry. These are 2TM Group, the parent company of Mercado Bitcoin, the largest exchange in Latin America, and Paxos, a blockchain infrastructure platform that also maintains a partnership with Mercado Pago.
Such as declared the company, investments in cryptocurrency companies, the values of which were not disclosed, “They reinforce Mercado Libre’s commitment to the development and use of crypto assets and blockchain technology in the region.”
“Mercado Libre has been closely following the evolution of digital assets and blockchain technology around the world. These partnerships and investments are just another example of the multiple steps taken to participate in this dynamic ecosystem.”
Free Market press release.
Mercado Libre has been delving into the cryptocurrency industry for the past year. As CriptoNoticias reported, in 2021 it enabled the purchase of real estate with bitcoin in Argentina, a cryptocurrency in which it also decided to invest USD 8 million of its treasury. Marcos Galperin, the CEO of the company, has cataloged bitcoin as the substitute for gold.
In addition, since last December Mercado Pago, the subsidiary of MercadoLibre, allows in Brazil to buy, sell and hold three cryptocurrencies: bitcoin (BTC), ether (ETH) and the stablecoin USDP. This function was done through an alliance with Paxos, a company with which it now strengthens its link with a direct investment in them.
Mercado Libre announced that it wants to be a central participant in the Bitcoin ecosystem
André Chaves, Mercado Libre’s Senior Vice President of Strategy and Corporate Development, expressed that they want to be “a central participant in this disruption” brought about by the growing and innovative industry of cryptocurrencies.
“Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks down barriers and creates an open and level playing field for all users to achieve economic empowerment, which is very much in line with our mission as a company.”
André Chaves, Senior Vice President of Strategy and Corporate Development at Mercado Libre.
Also, he warned: “We want everyone to be able to access the digital asset market in a simple and transparent way, that is our goal.” This suggests that the rumor circulating that they will launch their own cryptocurrency called melicoin could come true.
Regarding investments, André Chaves commented: “2TM and Paxos share this vision and our conviction to continue innovating to offer solutions that improve people’s lives, create value and promote the development of our region.”
From 2TM Group, Daniel Cunha, the company’s vice president, reported: “As a key player in the Latam financial services and technology industries, MercadoLibre can have a significant impact on the future development of cryptocurrencies and blockchain in the region, and we are excited to explore and work closely with the company for this purpose in the future’.
Walter Hessert, the Paxos chief strategist, added: “Mercado Libre was the first major platform to provide access to cryptocurrencies and stablecoins to its users in Brazil. This investment is a strong sign of the company’s dedication to leading the mainstream adoption of digital assets in Latin America. We are delighted to have Mercado Libre as a partner and investor.”