Mercado Libre e-commerce giant uses Paxos to enable encryption service in Brazil

Wall Street Veteran Unveils $1.5 Billion Encryption Fund, MELD ISPO Highlights Cardano, Dec. 2

Last week, Mercado Libre told CoinDesk that it was entering the cryptocurrency environment in Brazil together with “a world-class custodian,” adding that it was “analyzing all financial and regulatory aspects surrounding this technology.”

Mercado Libre, Latin America’s biggest e-commerce company by market esteem, is integrating Paxos’ blockchain infrastructure to permit clients in Brazil to purchase, sell and hold cryptocurrencies, Mercado Libre declared Thursday. Starting in the not so distant future, clients of Mercado Pago, Mercado Libre’s digital wallet, will actually want to purchase and sell bitcoin, ether and the stablecoin Pax dollar (USDP), Mercado Libre said. The minimum sum needed to work will be 1 Brazilian genuine, it added. Paxos will deal with crypto exchanging and custody for Mercado Pago clients a game plan like its joining with PayPal in late 2020 – an assistance that was generally seen to speed up the mainstreaming of cryptocurrencies in the U.S. also past.

It said Thursday that the crypto service would launch in December but did not specify a date in response to a CoinDesk query.

Mercado Pago’s new initiative will provide crypto and stablecoin access to more than 200 million Brazilians, Walter Hessert, head of strategy for Paxos, said in a statement. “This will accelerate mainstream adoption of cryptocurrency and stablecoins across the continent. We are thrilled to partner with Mercado Pago to make it possible,” he added.

“The complete management of crypto can be carried out from a free account, thus facilitating access to new opportunities for financial growth, especially for those currently outside the financial system,” Tulio Oliveira, vice president of Mercado Pago in Brazil, said in a statement.

Mercado Pago’s app will provide bitcoin, ether and USDP prices, as well as educational content about the three cryptocurrencies, the company said.

“The content will address the crypto assets ecosystem, as well as the opportunities and risks associated with cryptocurrency investing,” the company added.

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