Mercado Libre, Latin America’s largest e-commerce company by market capitalization, will allow customers in Brazil to buy, trade, and keep cryptocurrencies, the company confirmed to CoinDesk on Monday.
In a written announcement, Mercado Libre stated that it will join the Brazilian cryptocurrency market with “a world-class custodian,” however it did not specify with whom it would partner for this service. The corporation also stated that it is “analyzing all financial and regulatory aspects surrounding this technology.”
For months, Mercado Libre has hinted at expanding its crypto offerings. In an interview with Bloomberg Linea in August, Mercado Pago president Osvaldo Gimenez stated that bitcoin and ethereum “could be a financial revolution.”
Galperin said on Twitter that users of both Mercado Livre, the company’s Brazilian branch, and Mercado Pago, its fintech arm, will be able to “buy, store, and sell crypto” beginning this week.
According to Tulio Oliveira, vice president of Mercado Pago, the business made the tool available to a select number of Brazilian customers in November and aims to make it more broadly available in the coming weeks, Bloomberg Law reported on Monday.
In May, the business, which is traded on the Nasdaq under the ticker MELI, reported a $7.8 million bitcoin acquisition as part of their treasury strategy. Its Argentine real estate portal had opened a dedicated area for the selling and purchase of houses using bitcoin just a month before.
According to Mercado Libre’s third-quarter report for 2021, Mercado Pago’s digital wallet has 16.8 million unique users.