MercadoLibre, which is increasingly interested in cryptocurrencies, will allow its customers in Brazil to make payments with Bitcoin and other digital assets.
Tulio Oliveira, vice president of MercadoPago, revealed that the e-commerce giant will allow its Brazilian customers to make and receive payments with cryptocurrencies such as Bitcoin, through its digital wallets on MercadoPago. The initiative was revealed by the executive during a interview On Bloomberg, Oliveira highlighted that MercadoLibre customers in Brazil will be able to buy, sell and hold cryptocurrencies using the trading platform’s digital wallets.
According to Oliveira, MercadoLibre is innovating in the world of cryptocurrencies to expand its line of financial products and open up new possibilities for its customers and merchants. Cryptocurrency payments through MercadoLibre in Brazil were initially enabled for a small and select group of the company's customers as a pilot test, the MercadoPago executive said. Oliveira also noted that payments will be extended to new customers and merchants in the coming weeks.
With these actions, MercadoLibre opens the doors of the crypto industry to its users, starting a new path towards the transformation and innovation of digital payments. Marcos Galperín, founder and CEO of MercadoLibre, and Bitcoin enthusiast, confirmed the news on his Twitter account. In January of this year, Galperin said that Bitcoin, the world's leading cryptocurrency, had become a better store of value than gold, and in May announced that MercadoLibre had added $7,8 million worth of BTC to its balance sheet.
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MercadoLibre and cryptocurrencies
MercadoLibre, one of the four Argentine unicorns, had announced the possibility of accepting payments with crypto assets through MercadoPago last August, when Osvaldo Gimenez, Fintech president of MercadoLibre, revealed that somehow the e-commerce company would participate in the revolution that Bitcoin y Ethereum were leading the world.
Gimenez said that MercadoLibre was evaluating the current trend of receiving and sending payments through cryptocurrencies and that it was possible that it would follow in the footsteps of companies such as Paypal and Square, which are already implementing new payment options with these crypto assets. MercadoLibre continues to bet on more growth and innovation and is convinced that there is great potential in cryptocurrencies, said the executive.
Innovation and development
Now, the e-commerce company, which holds bitcoins in its corporate treasury, demonstrates its confidence in the potential of cryptocurrencies to make e-commerce more efficient and secure. The digitalization of payments and cross-border payments through cryptocurrencies effectively represent an opportunity for growth, innovation and development for MercadoLibre.
Gimenez showed on his Twitter account part of what will be the new process of buying and selling with cryptocurrencies through his app, highlighting the ease and accessibility of making payments with cryptocurrencies with just one click on MercadoPago.
"This has transformative potential and opens up a new path for us."
This same year, MercadoLibre Argentina also opened the possibility to its clients of bid their real estate properties in bitcoins through its platform. MercadoLibre reported that the rise of cryptocurrencies in the world was driving its business towards new horizons.
By the end of 2020, MercadoPago had more than 12 million active clients internationally and had processed more than 1.900 billion transactions, exceeding $29.800 billion in total transactions.
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