Fun

Mercado Libre to Expand Cryptocurrency Services to More Countries in Latam

News Feed - 2022-08-12 05:08:32

Mercado Libre to Expand Cryptocurrency Services to More Countries in Latam


Mercado Libre, one of the biggest retailers in Latam, has announced that it plans to expand its cryptocurrency trading services to more countries in the region. The company, whose cryptocurrency services are now just available for customers in Brazil through Mercado Pago, its payments and digital wallet, already has more than 1 million customers using these services. Mercado Libre to Expand Crypto Offering in Latam


More companies are extending their services to include cryptocurrency in Latam. Mercado Libre, one of the biggest Latam region retailers, has plans to expand its cryptocurrency services to include more countries in the zone. Osvaldo Gimenez, head of Mercado Pago, Mercado Libre’s digital payments and wallet service, informed El Pais about these plans. He declared:


We are going to be expanding in the region the possibility of buying, selling and having cryptocurrencies in your account. It works with bitcoin, with ethereum and with the stable currency that reflects the value of the dollar.


The company, which first launched these services in Brazil, managed to enroll a million customers in these alternative investment options during the first two months of their implementation. The service uses USDP, a stablecoin backed by Paxos, a New York-based financial services company, as its only dollar-pegged stablecoin.


However, Gimenez did not specify a timeline for the announced expansion, nor which countries would be included in this expansion phase. The Importance of Crypto


Due to the current state of the regional economy, many Latam countries suffering from high inflation and devaluation, like Argentina, are turning to crypto and stablecoins as a way of maintaining their buying power. Gimenez talked about the importance of these instruments on the platform that Mercado Pago offers. He stated:


It is an alternative investment opportunity that we find very interesting and generates a lot of interest from users. At a time when the dollar has been appreciating, the investments that users have with us are small and for us it is one more way to diversify their portfolio.


Mercado Libre faces competition from a series of companies that have also expanded their services to offer crypto trading to customers in other countries of Latam, like Argentina and Mexico. Nubank, a digital bank platform, also introduced a crypto trading solution back in May, and it extended its offering to all of its customers in Latam, estimated to be around 54 million. Traditional banks are also starting to get into crypto services, as Santander recently reported they have plans to offer this kind of investment to customers in Brazil. Tags in this story Bitcoin, Cryptocurrency Trading, Ethereum, mercado libre, mercado pago, Osvaldo Gimenez, pax dollars, Services


What do you think about Mercado Libre’s crypto trading services expansion in Latam? Tell us in the comments section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Picpay Rolls Out Crypto Trading Options to More Than 30 Million Users in Brazil EXCHANGES | 2 hours ago Crypto Exchange Hotbit Suspends Service After Law Enforcement Freezes Its Funds, Subpoenas Senior Managers EXCHANGES | 6 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, monticello / Shutterstock.com Previous articlePicpay Rolls Out Crypto Trading Options to More Than 30 Million Users in Brazil Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Crypto Derivatives Exchange FTX Launches Bitcoin Hashrate Futures
Crypto Derivatives Exchange FTX Launches Bitcoin Hashrate FuturesOn Friday, cryptocurrency derivatives exchange FTX launched a hashrate futures tool that allows Bitcoin (BTC) miners
Bitcoin Price Crash Incoming? Why A Fall To $63,000 Is Possible If This Resistance Holds
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin has room to fall amid ‘unusual’ open interest — CoinGlass
Martin Young3 hours agoBitcoin has room to fall amid ‘unusual’ open interest — CoinGlassTotal open interest on Bitcoin futures hit $29 billion on Aug. 16 despite Bitcoin’s price decline.1603 Total views7 Total sh
More ‘extreme fear’ than FTX crash — 5 things to know in Bitcoin this week
William Suberg14 hours agoMore ‘extreme fear’ than FTX crash — 5 things to know in Bitcoin this weekBitcoin market sentiment is as erratic as BTC price action itself as a week of macro volatility catalysts gets un
Why Are ‘Bitcoin Group’ and ‘Bitcoin Revolution’ Such Popular Searches on Google?
Why Are "Bitcoin Group" and "Bitcoin Revolution" Such Popular Searches on Google? Google searches can reveal a lot about the perception of the masses when it comes to bitcoin. Th
Ethereum Bullish Pattern Points To Immediate $3,000 Target – Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
73% of Argentines Say Cryptocurrency Best for Saving in Economic Crisis: Survey
73% of Argentines Say Cryptocurrency Best for Saving in Economic Crisis: SurveyA survey of Argentina’s citizens shows that 73% believe cryptocurrency is the most effective sav
Analyst Lyn Alden Says Ethereum Is Still an ‘Unfinished Project’
Analyst Lyn Alden Says Ethereum Is Still an "Unfinished Project" A bitcoin (BTC) strategist and investor remain skeptical towards the Ethereum protocol, consider
Biggest Movers: SHIB Surges to 5-Week High, APE up for Fifth Straight Day
Biggest Movers: SHIB Surges to 5-Week High, APE up for Fifth Straight Day Shiba inu moved to a five-week high during Tuesday’s session, despite cryptocurrency markets mostly cons
Nicolas Maduro Tempts West With an Abundance of Oil and Gas, Venezuelan President Wants Sanctions Lifted
Nicolas Maduro Tempts West With an Abundance of Oil and Gas, Venezuelan President Wants Sanctions Lifted Amid the economic rumblings across the world and the energy crisis in Europ
Coinbase Issues a Public Apology to EU and UK Customers — Did Not Address Its Global Issues
Coinbase Issues a Public Apology to EU and UK Customers — Did Not Address Its Global Issues Cryptocurrency exchange Coinbase published a statement addressing t
Ethereum CLS Shows Price Will Rebound Above $2,600, Here’s Why
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu