Mercado Libre doubles down on crypto

Latin America’s largest e-commerce company Mercado Libre is planning to extend its first forays into cryptocurrency space.

The company has already launched a crypto trading feature successfully in Brazil and is now planning to scale this offer.

Last December, Mercado Pago, which is the company’s digital wallet, was allowed to buy and sell Bitcoin (BTC), Ether, and stablecoin Pax dollar.

“We will be expanding in the region the possibility to buy, sell and hold cryptocurrencies in your account”, added Osvaldo Gimenez, the company’s fintech director for the Spanish daily El País.

Mercado Libre is also emboldened to move forward citing the success of its crypto trading feature in Brazil so far.

Gimenez continued by saying that the investment opportunity that crypto presents is interesting and well worth exploring by businesses.

Mercado Libre is speaking from experience as the company was one of the first to jump in on the BTC buying frenzy back in 2021 when the company purchased $7.8m worth of the token. It has not yet sold any.

The company also said this July that it will be expanding in the Mexican market. E-commerce companies embracing crypto is a strong sign for the vertical’s future chances of successful adoption and implementation.

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Updated: 08/10/2022 — 12:00