23 Nov 2021
MercadoLibre to Include Crypto Investments In its Digital Wallet
The Index Today
MercadoLibre is boosting its present in the crypto world with its new digital payments app called the MercadoPago. Customers in the region will be able to sell, buy and hold cryptocurrencies through their own digital wallets.
According to Tulio Oliviera, MercadoPago vice president, the financial product will be available to the public in the coming weeks. He said, “We took the time to study and learn before deciding to step into crypto. This has a transformational potential ahead and opens up a new avenue for us.” However, in the initial stages, customers will not be able to pay for goods with cryptocurrencies directly.
In May, the company said its treasury has bought Bitcoin worth $7.7 million after shedding light on the possibilities of crypto business and opportunities. Marcos Galperin, co-founder and CEO said in a Bloomberg interview, “Crypto is going to be a major development. People are trying to retain value and some of the cryptocurrencies will retain value by definition because they cannot be printed away or devalued.”
MercadoLibre initiated its fintech unit back in 2003 and focused on creating payment applications which give customers options to avail credit and insurance. The company’s total payment volume went up 44% last year and reached $20.9 billion in the third quarter.