Mercadolibre, one of the biggest unicorns based in Latam, has announced strategic investments in two cryptocurrency exchanges: Paxos and Mercado Bitcoin. With these investments, the platform is getting closer to cryptocurrency, having already purchased bitcoin as a direct investment for its treasury, and offering the possibility of investing in crypto for its users in several Latam countries.
Mercadolibre puts more money behind crypto
Mercadolibre, one of the largest e-commerce platforms in Latin America, with more than 70 million customers, announced strategic investments in two exchange platforms. The Latam-based unicorn announced on January 20 that it had acquired shares of 2TM, the parent company of Mercado Bitcoin, one of the leading exchanges in Brazil, with three million customers. The company has also invested in Paxos, a stablecoin issuer and blockchain infrastructure provider.
The amounts invested in each of these companies were not provided, but the company informed that the objective of the investments was to “stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services. to Latin American entrepreneurs and users, who are at the forefront”. heart of its strategy.
Commenting on this investment, Andre Chaves, Senior Vice President of Strategy and Business Development at Mercadolibre, said:
2TM and Paxos share this vision and our conviction to continue innovating to offer solutions that improve people’s lives, generate value and stimulate the development of our territory. We want everyone to be able to access the digital asset market in an easy and transparent way, this is our goal.
The Crypto Society
The company’s relationship with cryptocurrencies is not new. Mecadolibre has been a crypto-friendly company for quite some time. The investment in the Paxos company was preceded by a partnership established last year, which allowed some of the company’s clients to invest in cryptocurrencies directly on the Mercadolibre platform via Mercadopago, in Brazil. At that time, the company announced that it would be rolling out the service to other countries later this year.
Also, the company is one of the few in Latam that has officially declared owning the crypto as part of its treasury. It announced that it purchased nearly $8 million in bitcoin (BTC) last May when releasing its first quarter 2021 financial results. However, the giant did not allow customers to pay for goods and services, which are its core business, with cryptocurrencies, and it has not announced a possible date for the introduction of this feature.
What do you think of Mercadolibre’s investment in Paxos and MercadoBitcoin? Tell us in the comments section below.
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