Mercado Libre will launch its own crypto wallet in Brazil

The chance to test the new feature became available to a small group of customers in early November and will be rolled out more widely from now on.

“MercadoPago clients in Brazil will soon be able to buy, sell and hold cryptocurrencies using their digital wallets, as the largest Latin American company in terms of market capitalization seeks to expand its line of financial products. The possibility became available to a small group of clients in early November and will be implemented more widely in the coming weeks, according to Tulio Oliveira, vice president of MercadoPago.

We take the time to study and learn before deciding to take a step towards cryptocurrencies, “Oliveira added, highlighting: “This has transformative potential ahead and opens a new avenue for us.”

The idea is to replicate the product in other Latin American markets in the future, according to Oliveira.

However, initially customers will not be able to use cryptocurrencies to directly pay for goods purchased on MercadoLibre., stressed the executive in dialogue with Bloomberg. The decision follows similar moves by US digital payment groups PayPal Holdings Inc. and Venmo LLC.

MercadoLibre announced last May that its treasury bought $ 7.8 million in bitcoin, and Galperin, its co-founder and CEO, is among the entrepreneurs who expressed the potential for opportunities around cryptocurrencies.

MercadoLibre started its fintech division in 2003 and has gradually increased the services it offers from a wallet and payment method, to credit for buyers and sellers, as well as insurance. Its total payment volume was US $ 20.9 billion in the third quarter, 44% more than the previous year in US dollar terms.

On different occasions, Galperin himself referred to the role of cryptocurrencies as means of payment, what is your place in the battle to achieve financial inclusion of millions of people in the region and gave a glimpse of what they still needed to be able to reach their e-commerce platform.

A few months ago, during a virtual event organized by the giant of the e-commerce to present your study “Impacts that matter”, made together with Euromonitor International, the businessman referred to the future of these digital assets, but highlighted the problems that, in his opinion, they must solve.

When consulted by iProUP, Galperin recognized the importance of cryptocurrencies in the world. And although he expressed that you are “they came to stay”, they still have a series of characteristics to solve to continue breaking down barriers.

Is a new crypto benchmark coming?

Is a new crypto benchmark coming?

“They already have a very important role. Not so much as a means of payment, but as a reserve of value“, highlighted the founder of Mercado Libre, and underlined the importance of Bitcoin (BTC) and Ethereum (ETH), in which many users deposit their coins so that they do not lose their purchasing power, as occurs in countries with a weak currency like Argentina.

“They have a market penetration, in terms of the number of people who use them in absolute values, very large and this is growing,” he added.

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Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Phone : +1 281-333-2229

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