Latin America’s largest e-commerce company by capitalization, Mercado Libre plans to expand its cryptocurrency trading service in the region after a successful launch in Brazil.
In December, Brazilian users of Mercado Pago, Mercado Libre’s digital wallet, were able to buy and sell bitcoins, ethers and Pax Dollar Stablecoins (USDP) after integration with the Paxos blockchain project.
The company is said to have provided a crypto-trading function in Brazil in December and gained 1 million users two months later.
This is an alternative investment opportunity that we find very interesting and that is generating a lot of interest among users,” said Mercado Libre’s Director of Financial Technology, Osvaldo Jimenez.
Mercado Libre is also a bitcoin owner, having announced a $7.8 million coin purchase in May 2021. In January this year, the company announced investments in 2TM, the holding company of Mercado Bitcoin, Brazil’s largest crypto exchange, and blockchain infrastructure company Paxos.