MercadoLibre is launching a crypto wallet that allows customers to buy, sell and hold cryptocurrencies and it will start in Brazil, but expansion into other countries is also expected. So, read more on the Cryptocurrency News today.
An e-commerce internet giant from Latin America, MercadoLibre is stepping up its crypto game after several successful experiences.
A senior executive has announced that the company will enable the sale, purchase and saving of cryptocurrencies for customers in Brazil over the next few weeks. According to Bloomberg, MercadoPago vice president Tulio Oliveira said the company is focusing on cryptocurrency as a focus for developing the financial industry:
“We took the time to research and learn before we decided to jump into the crypto space. This has potential for transformation ahead of it and opens up a new path for us. ”
The company’s idea is to explore the Brazilian crypto scene and expand its services to other countries. The wallet is advanced and even passed the beta phase without any problems and is ready to start as soon as possible. Although founded in Argentina, the decision to start with Brazil makes perfect sense, as almost 11 million users are waiting for Brazil as the main market. Brazil also has the strongest economy in the region and is a crypto-friendly country. Polls show that 48% of the population are in favor of BTC.
Brazil has approved four crypto ETFs with HASH11 that track the Nasdaq Cryptocurrency Index and it is the most popular technology with investors. Some fintechs also offer support for cryptocurrencies. Crypto.com even selected Brazil as the first market in South America to receive a crypto-backed Visa debit card. Mercado Pago is a MercadoLibre fintech company and currently provides a range of services for non-banks in Brazil such as debit cards, credit cards and digital wallets. No further details have been announced about the crypto service and it is possible that it will be integrated into Mercado Pago’s own platform.
The e-commerce giant is no stranger to the cryptocurrency world as the company announces in 2021 that it has acquired $ 7.8 million in BTC as part of its treasury strategy. MercadoPago was also one of the founding members of the infamous Libra Association, which, after careful scrutiny by regulators, was unsuccessful.