MercadoLibre is preparing to introduce a cryptocurrency wallet compatible with the Brazilian real
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Answer MercadoLibre is preparing to introduce a cryptocurrency wallet compatible with the Brazilian real
Mercadoliber, the largest e-commerce site in Latin America, is increasing its bet on cryptocurrencies after several successful trials.
Now, a senior executive has announced that within the next few weeks, the company will make a service to buy, sell and hold cryptocurrency, initially available to its clients in Brazil.
New crypto services for Brazil:
according to “BloombergTulio Oliveira, Vice President of MercadoPago explained that Mercadolibre has its eyes on cryptocurrencies as a potential focal point for the development of its financial arm.
We took the time to study and learn before we decided to go into the basement.Read:Coinbase Prepares To Stop Ethereum Deposits And Deposits During Upcoming Merge Upgrade
This has transformative potential for the future and opens a new path for us.
The idea of the company is to start exploring the Brazilian crypto scene and then expand its services to other countries.
The crypto wallet is well advanced.
It has already passed its beta phase without any related issues and will be ready for launch very soon.
Although Mercadoliber was founded in Argentina, the decision to start in Brazil made sense.
With nearly 11 million users, Brazil is the company’s main market.
In addition, Brazil has the strongest economy in the region and is a relatively crypto-friendly country.
A recent survey showed that 48% of the population is pro-Bitcoin.
Currently, Brazil has approved four crypto ETFs, with “HASH11” tracking the Nasdaq Crypto index as the most popular ETF among investors.
Many fintech companies offer cryptocurrency support.
Recently, Crypto.com chose Brazil as the first market in South America to receive a Visa debit card backed by cryptocurrency.
“Mercadolibre” and the adoption of cryptocurrencies:
MercadoPago is Mercadolibre’s endeavour, fintech.
The company currently offers several services to banks in Brazil, such as credit cards, debit cards, point of sale and digital wallet.Read:Beware of fake digital currency buying and selling channels targeting Arab users like this one!
Although no further details were given about the cryptocurrency service, it is likely that it will be integrated into the Mercadopago platform.Read:Cryptocurrency trading app Robinhood shuts down as Dogecoin drops 30%
For the record, the e-commerce giant “Mercadolibre” is no stranger to the cryptocurrency world.
In May 2021, the company revealed that it had received $7.8 million in bitcoin as part of its treasury strategy.
Likewise, MercadoPago was a founding member of the Libra Association, a Facebook-driven crypto initiative that has been unsuccessful after coming under heavy criticism from regulators.
MercadoLibre will serve as a gateway to the cryptocurrency world for more than 10 million new users in Brazil and more than 200 million users across Latin America.
This data from “Statista” reveals that Amazon ranks second in Mexico after “Mercadolibre”.
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