Latin America’s largest e-commerce platform, Mercado Libre (MELI), has officially entered the cryptocurrency market, enabling Brazilian users to buy, sell, and hold crypto through its digital wallet, Mercado Pago. This strategic move highlights the company’s commitment to embracing blockchain technology and catering to the growing demand for digital assets in emerging markets.
Mercado Libre’s Crypto Integration
According to a Bloomberg report, Mercado Libre’s financial tech arm, Mercado Pago, will allow users in Brazil to access cryptocurrency trading directly within their accounts. The platform’s CEO, Marcos Galperín, confirmed the development via Twitter, stating:
"Starting this week, our users in Brazil can buy, sell, and hold crypto through Mercado Pago."
Key details about the rollout:
- Initially tested with a small group of Brazilian users in November 2021.
- Gradually expanding to all eligible users in the coming weeks.
- No immediate plans to enable crypto payments on Mercado Libre’s e-commerce platform.
Why Brazil?
Brazil has emerged as a hotspot for cryptocurrency adoption in Latin America, driven by:
- High inflation rates pushing consumers toward alternative stores of value.
- Increasing fintech adoption, with Mercado Pago boasting 16.8 million active users (Q3 2021 earnings report).
- Regulatory clarity, with Brazil’s government taking steps to formalize crypto regulations.
Marcos Galperín: A Bitcoin Advocate
Marcos Galperín is a long-time Bitcoin supporter, having invested in BTC since 2013. His bullish outlook on crypto includes:
- Believing Bitcoin is more valuable than gold.
- Advocating for crypto’s role in Latin America’s financial revolution.
Mercado Libre’s Crypto Roadmap
| Milestone | Description |
|-----------|------------|
| April 2021 | Allowed Bitcoin payments for real estate purchases in Argentina & Uruguay. |
| May 2021 | Disclosed $7.8M Bitcoin purchase as part of treasury reserves. |
| November 2021 | Launched crypto trading in Brazil via Mercado Pago. |
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FAQs
1. Can I pay with crypto on Mercado Libre?
No, Mercado Libre currently only supports crypto trading (buy/sell/hold) via Mercado Pago. Payments on its e-commerce platform still require fiat currencies.
2. Which cryptocurrencies are supported?
The exact list hasn’t been disclosed, but Bitcoin (BTC) and Ethereum (ETH) are likely included.
3. Is Mercado Libre’s crypto service secure?
Yes, the company partners with a "world-class custodian" (undisclosed) to ensure secure storage of digital assets.
4. Will Mercado Libre expand crypto services to other countries?
Brazil is the first market, but expansion into other Latin American countries (e.g., Argentina, Mexico) is probable, given regional crypto demand.
Future Outlook
Mercado Libre’s entry into crypto signals:
- Mainstream adoption accelerating in Latin America.
- Competition heating up against traditional banks and fintech rivals.
- Potential for blockchain-based e-commerce solutions in the near future.
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