Mercadolibre to allow users to invest in cryptocurrencies from its platform

Mercadolibre to allow users to invest in cryptocurrencies from its platform

The test run of the service was rolled out quietly earlier this month to some customers in Brazil, and it is expected to keep expanding to more customers in the coming weeks. Mercadolibre is thinking about growing this test into other markets in the future, but nothing has been announced about the subject. On including crypto as part of its business model, Tulio Oliveira, a Mercadopago vice president, stated: 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.

Mercadolibre, the greatest Latam-based company, has begun including digital money services in its platform. Presently, clients of Mercadopago will actually want to buy, sell and hold cryptocurrencies utilizing Mercadolibre’s platform. This is a logical step for the company, that goes about as a transitional between company offering items and services in the platform and clients burning-through these. Mercadolibre’s activities could incite other huge companies in the area to likewise consider adding digital currencies to their business model if all goes well during this trial period.

Flirt with crypto and limitations
The company has been interested in crypto for some time, having previously invested in cryptocurrencies. Mercadolibre bought $ 7.8 million worth of bitcoin (BTC) in the first quarter of this year, revealing this last May when it released its first quarter financial results. Marcos Galperin, co-founder and CEO of the company has been very articulate about how cryptocurrencies can offer alternatives to traditional investments, having personally invested in crypto companies like Ripio.

On cryptocurrencies, Galperin said: Cryptocurrencies are here to stay. They have a very important role, not so much as a means of payment but as a store of value.

Perhaps by following Galperin’s reasoning, Mercadolibre users will not be able to purchase goods and pay for services with cryptocurrencies immediately. But if the company wants to emulate Paypal, its next step would be to include cryptocurrencies as a payment method for purchases on the platform.

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