MercadoLibre is an online good selling and purchasing platform that has the biggest market share in the South American region. The e-commerce giant has recently decided to enable cryptocurrency payment methods for its users that hail from Brazil. As per the media reports, the clients of MercadoLibre will be able to trade and store their digital currency reserves with a new cryptocurrency payment application.
Bloomberg has recently published a detailed article about the news revealing that the service has already been made available for some specified regions during the current month. The article further explained that the company is planning to expand the scope of the crypto payments option in the upcoming weeks and make it available for many other Latin American countries.
MercadoLibre has done Extensive Research before Deciding on Crypto Payments
The Vice-president of MercadoLibre named Tulio Oliveria, claims that the company has conducted extensive research before rolling out the feature of cryptocurrency payments. He further added that the new feature is going to have a great scope for the future as well, considering the increasing interest in cryptocurrencies in the South American region.
He is not the only top executive who holds the cryptocurrency market in precious esteem. The co-founder and CEO of MercadoLibre, Marcos Galperin, have told the media in the past that he thinks that cryptocurrencies have the potential to allow investors to retain the value of their savings and keep the environment safe from the danger of pollution.
The MercadoLibre has not ventured into the cryptocurrency space for the first time. The company revealed during the first quarter of 2021 that it had increased its Bitcoin holdings to reach a market value of $7.8 million. The news arrived during a time when other companies in the United States like MicroStrategy and Tesla were yet to add Bitcoin to their balance sheets.
It is worth noting that when the cryptocurrency payments features will go live on the MercadoLibre website, the users will not be able to pay the merchants directly in digital assets, and they will need to use a third party converter first for making the transaction possible. Mercado executives have claimed that the organization plans to follow in the footsteps of PayPal and bank on the popularity of cryptocurrency trading in South America.