Mercadolibre is one of Latin America’s largest online retailers. They have begun offering cryptocurrency trading services for a select group of customers. The company plans to increase this service in the next few weeks. These customers can buy, hold, and sell cryptocurrencies using Mercadopago (the platform’s native payments service). Brasil will host the pilot, but it is possible that other countries might follow.
Mercadolibre Forays Into Crypto Services
Mercadolibre is the largest Latam-based business and has begun offering cryptocurrency services through its platform. Now, users of Mercadopago will be able to purchase, sell and hold cryptocurrencies using Mercadolibre’s platform. The company is taking this step logically. It acts as an intermediary between the companies that offer products or services on the platform and the customers who consume them.
It was quietly launched to small customers in Brazil earlier in the month. The service is set to continue expanding in the weeks ahead. Mercadolibre has not yet announced whether it plans to expand the test in other countries. Tulio oliveira, a vice-president of Mercadopago stated that the crypto inclusion was part of their business model.
Before we decided to venture into cryptocurrency, it was important that we took time to learn and study. It opens new doors and has transformative potential.
Since its inception, the company is interested in cryptocurrency. Mercadolibre purchased $7.8million worth of bitcoin (BTC), during Q1 this year. It disclosed it in May last quarter when it announced its financial results for the first quarter. Marcos Galperin is the co-founder and chief executive officer of the company. He has personally invested in cryptocurrency companies such as Ripio.
Galperin spoke out about cryptocurrencies:
The future of cryptocurrencies is here. Cryptocurrencies play an important role not only as a payment method but also as a store for value.
Perhaps following Galperin’s train of thought, users of Mercadolibre won’t be able to purchase goods and pay for services with cryptocurrencies immediately. However, if the company wishes to be like Paypal it would make cryptocurrencies a preferred payment method on its platform.
Mercadolibre’s actions might make other big companies in the area to also consider adding cryptocurrencies in their business model if everything goes right during this trial run.
How do you feel about Mercadolibre including crypto services on its platform? Leave a comment below.
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