Skip to content

Online retailer giant MercadoLibre enables crypto transactions for Brazilian clients

Latin America largest company enables crypto transactions for Brazilian clients

Online retailer MercadoLibre is expanding its involvement in cryptocurrencies by enabling customers from Brazil to buy, sell and hold digital currencies through its digital payments app.  

MercadoLibre, which also ranks as the largest Latin American company by market capitalization, rolled out the services to a section of clients in early November, Bloomberg reports.

The company plans to expand the services in the coming weeks, with an official indicating that the feature was enabled after an extensive study.

“We took the time to study and learn before deciding to step into crypto. This has a transformational potential ahead and opens up a new avenue for us,” Tulio Oliveira, a MercadoPago vice president.

In general, the eCommerce retailer plans to expand the services to other Latin American countries amid rising interest in cryptocurrencies from the region. 

However, upon rolling out the service, clients will not make crypto payments directly for goods purchased on MercadoLibre. 

Mercado is now among the traditional companies that have ventured into cryptocurrencies, following in the footsteps of other United States firms like PayPal. Such moves have directly impacted the crypto sector, as the value of various assets like Bitcoin surged.

MercadoLibre crypto involvement

Notably, MercadoLibre has been making forays into the crypto sector, with the company officials revealing that its treasury purchased $7.8 million worth of Bitcoin early this year. The company, incorporated in the United States, purchased the asset alongside other companies, including Tesla and Microstrategy. 

Furthermore, Marcos Galperin, the firm’s co-founder and the chief executive officer, believes that cryptocurrencies hold massive potential as they help people retain value. 

Over the years, MercadoLibre has taken a rather crypto-friendly stance. It’s long allowed customers to make purchases using Bitcoin. 

The company will potentially bank on the region’s growing interest in digital currencies, considering countries like El Salvador have declared Bitcoin a legal tender. Additionally, several countries from the region are expected to follow suit with cryptocurrencies emerging as a hedge against inflation and a solution to the unbanked population.

[coinbase]

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.