Mercadolibre Gets Closer to Crypto With Investments in Paxos and Mercado Bitcoin

Share This Post

mercadolibre

Mercadolibre, one of the biggest Latam-based unicorns, has announced strategic investments in two cryptocurrency exchanges: Paxos and Mercado Bitcoin. With these investments, the platform gets closer to cryptocurrency, having already bought bitcoin as a direct investment for its treasury, and offering the possibility of investing in crypto for its users in several countries in Latam.

Mercadolibre Puts More Money Behind Crypto

Mercadolibre, one of the biggest e-commerce platforms in Latam, with more than 70 million customers, announced strategic investments in two exchange platforms. The Latam-based unicorn announced on January 20th it had acquired shares of 2TM, the parent company of Mercado Bitcoin, one of the leading exchanges in Brazil, with three million customers. The company also invested in Paxos, a stablecoin issuer and blockchain infrastructure provider.

The amounts invested in each of these companies were not provided, but the company informed that the objective of the investments was to “stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services to Latin American entrepreneurs and users, who are at the heart of its strategy.”

On this investment, Andre Chaves, Senior Vice President of Strategy and Corporate Development for Mercadolibre, stated:

2TM and Paxos share this vision and our conviction to continue innovating to offer solutions which improve people’s lives, generate value and drive the development of our region. We want everyone to be able to access the digital assets market in a simple and transparent way, this is our goal.


The Company in Crypto

The company’s relationship with cryptocurrencies is not new. Mecadolibre has been a cryptocurrency-friendly company for quite some time. The investment in the company Paxos was preceded by a partnership established last year, that allowed some customers of the company to invest in cryptocurrencies directly in Mercadolibre’s platform through Mercadopago, in Brazil. At that time, the company announced it would roll this service to other countries later this year.

Also, the company is one of the few in Latam that have officially reported owned crypto as part of its treasury. It announced it had bought almost $8 million in bitcoin (BTC) last May when it reported the financial results for Q1 2021. However, the giant has failed to allow customers to pay for goods and services, which is its main business, with cryptocurrencies, and it has not announced a possible date for the introduction of this functionality.

What do you think about Mercadolibre’s investment in Paxos and MercadoBitcoin? Tell us in the comments section below.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Below $1? Not Happening, Claims Millionaire Analyst

Ripple’s XRP has traded below the $1 level for nearly three years, affected primarily by the cases filed by the US Securities and Exchange Commission (SEC) Even during the mini bull run immediately

Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project

The post Howard Lutnick’s Firm, Cantor Fitzgerald To Work With Tether For $2B Project appeared first on Coinpedia Fintech News As per the latest Bloomberg report, Financial services firm Cantor

As BTC Approaches $100K, Tether mints an additional $3 billion in USDT Tokens

The post As BTC Approaches $100K, Tether mints an additional $3 billion in USDT Tokens appeared first on Coinpedia Fintech News As Bitcoin approached the $100,000 price level, Stablecoin issuer

$495M Worth Crypto Liquidated In The Past 24 Hours Amid Market Correction!

The post $495M Worth Crypto Liquidated In The Past 24 Hours Amid Market Correction! appeared first on Coinpedia Fintech News Bitcoin plunged to the $95,000 level after failing to touch $100,000 on

BTC Slips To $96K, Liquidations Near $500M; Why Is Bitcoin Dropping?

The post BTC Slips To $96K, Liquidations Near $500M; Why Is Bitcoin Dropping appeared first on Coinpedia Fintech News This bull season, Bitcoin has seen one of the biggest price pumps in its history

Donald Trump’s Commerce Secretary picks Cantor Fitzgerald to collaborate with Tether on $2B BTC project

Financial services firm Cantor Fitzgerald, which serves as Tether’s banking partner, is looking to work with the stablecoin issuer on a program that will allow clients to borrow dollars against