After several successes, Mercadolibre is now betting more on cryptocurrencies.
A senior executive has announced that the company will soon offer a service to buy, sell, and save cryptocurrencies. This service was initially made available to Brazilian customers.
New Crypto Services for Brazil
Bloomberg reports that Tulio Oliveira (Vice President of MercadoPago) stated that Mercadolibre is interested in cryptocurrencies and has set its sights on them as a potential center point for its financial arm’s development.
“We took the time and learned before we decided to enter the crypt. This opens up new possibilities and has the potential to transform our lives.
The company’s goal is to explore the Brazilian crypto scene, and then expand its services to other countries.
The cryptocurrency wallet is in good shape. It has passed the beta stage without any relevant issues, and will soon be ready for launch.
Although Mercadolibre was established in Argentina, it makes sense to begin with Brazil. Brazil, which has nearly 11 million users is the company’s largest market. In addition, Brazil has the strongest economy in the region and is a relatively cryptocurrency-friendly country. Recent polls revealed that 48% are pro-bitcoin.
Brazil currently has four cryptocurrency ETFs approved. HASH11, which tracks the Nasdaq Crypto Index, is the most popular among investors. Many fintechs support cryptocurrencies.
Crypto.com even recently chose Brazil as the first market in South America to receive its cryptocurrency-backed Visa debit card.
Mercadolibre Has a Crypto-Friendly Side
Mercadolibre’s fintech venture is MercadoPago. The company currently offers a variety of services to the unbanked and banked in Brazil. These include credit cards, debit cards and digital wallets. It is possible that the cryptocurrency service will be integrated into Mercadopago’s platform, although no further details were provided.
The world of cryptocurrency is not unfamiliar to the e-commerce giant. The company announced that it had purchased $7.8 Million in Bitcoin as part its treasury strategy.
MercadoPago, too, was one of founding members of Libra Association, a Facebook-driven crypto project that failed after being heavily criticised by regulatory agencies.
MercadoLibre would be a gateway to cryptocurrency for over 10 million Brazilian users and more than 200 millions Latin American users. Statista data shows that Amazon is second in Mexico behind Mercadolibre.
Marla Brooks – Financial Analysis
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