Friday, December 3

MercadoLibre will allow the use of cryptocurrencies in Brazil

MercadoLibre, the largest e-commerce platform in Latin America, will allow the use of cryptocurrencies in Brazil. Through its MercadoPago digital payment app.

«Supported by the experience of simple and safe use of our platform. From MercadoPago we want to accompany our users to join the crypto paradigm. Increasingly relevant in the financial world».

The idea is to start with the pilot test in Brazil and then expand it to other economies in the region. However, customers will not initially be able to use cryptocurrencies to pay directly for products purchased on MercadoLibre.

The news was confirmed by MercadoLibre CEO Marcos Galperin, stating: «In the coming weeks in Brazil, MercadoLibre and MercadoPago users can buy, save and sell cryptocurrencies».

To recall, in October, Osvaldo Gimenez, president of MercadoPago, stated that they were closely studying the possibility of adding the holding and sending of cryptocurrencies to the services it provides to users.

Also, in Argentina, in the middle of the year, the platform enabled a section to buy and sell real estate using cryptocurrencies.

As a curious fact, MercadoLibre joins the trend of other digital payment services. Like PayPal Holdings Inc. and Venmo LLC.

In Brazil MercadoLibre incorporates Bitcoin in its wallet

In fact, the possibility became available to a small group of clients in early November. And it will be rolled out more widely in the coming weeks.

In this regard, in an interview in BloombergTulio Oliveira, vice president of MercadoPago, indicated that Brazilian clients will soon have the option to buy, sell and trade cryptocurrencies, using their digital wallets. With the aim of expanding the line of financial products of the company. With one of the largest market capitalizations in Latin America.

«We take the time to study and learn, before deciding to jump into the crypto world. This has transformative potential ahead. And open a new avenue for us».

For his part, Osvaldo Gimenez, showed a screenshot of the application. Where an option that refers to Bitcoin is displayed.

The largest e-commerce platform buys BTC

By the way, MercadoLibre announced last May that it bought $ 7.8 million worth of Bitcoin, as a treasury strategy. In fact, Marcos Galperin said:

«Cryptocurrencies will be a major development. People are trying to retain value. And some of the cryptocurrencies will retain value by definition because they cannot be printed or devalued.».

I close with this phrase by Osvaldo Gimenez: «The payments industry in the world is becoming more competitive, because traditional players are modernizing».

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