Online Retail Giant MercadoLibre Enables Crypto Transactions for Brazilian Customers

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

MercadoLibre, which is also Latin America’s largest company in terms of market capitalization, rolled out its services to some of its clients in early November, Bloomberg reports.

The company plans to expand services in the coming weeks, with an official saying the feature was activated after careful study.

“We took the time to study and learn before deciding to get into crypto. This has the potential for transformation to come and opens a new path for us ”, Tulio Oliveira, vice president of MercadoPago.

In general, the e-commerce retailer plans to expand its services to other Latin American countries amid growing interest in cryptocurrencies in the region.

However, when deploying the service, customers will not make crypto payments directly for goods purchased on MercadoLibre.

Mercado is now one of the traditional companies that have ventured into cryptocurrency, following in the footsteps of other US companies like PayPal. Such moves have had a direct impact on the crypto industry as the value of various assets like Bitcoin has increased.

MercadoLibre crypto involvement

Notably, MercadoLibre has made inroads into the crypto industry, with company officials revealing that its treasury bought $ 7.8 million worth of Bitcoin earlier this year. The US-incorporated company purchased the asset alongside other companies including Tesla and Microstrategy.

Additionally, Marcos Galperin, co-founder and CEO of the company, believes cryptocurrencies have huge potential because they help people hold value.

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

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

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