Mercado Libre, Brazil’s largest e-commerce company, is taking advantage of the growing interest in bitcoin in Latin America.
The company is not only active in the e-commerce space but also in FinTech, and is sometimes nicknamed the “Amazon” of Latin America.
In December of last year, the company launched Mercado Pago, a digital wallet that Brazilians can use to buy and sell bitcoin, ether and the Pax stablecoin (USDP). Mercado Pago onboarded over 1 million users within two months.
After the successful rollout in Brazil, Mercado Libre is planning to expand its bitcoin trading services across other countries in Latin America.
The exact countries or dates when Mercado Pago will become available in other parts of Latin America are currently unknown.
Mercado Libre made headlines in May of 2021 when it added $7.8 million worth of bitcoin to its balance sheet. The company also invested in 2TM earlier this year, the holding company for Brazil’s largest bitcoin and crypto exchange.
Last week, Binance and MasterCard also made headlines when they announced a partnership that would launch the “Binance Card” in Argentina, a country in Latin America that is battling with over 60% year-over-year inflation.
End of July, Brazil’s largest digital bank Nubank reached 1 million users within its first month of offering bitcoin and crypto investing to its customers.
Plagued by weak currencies, high inflation rates and even hyperinflation in some countries, Latin America is an important region for bitcoin-related companies to expand. Another project called “Bitcoin Valley” launched in Honduras earlier this month. As part of the project, over 60 businesses in the tourist city of Santa Lucia will be accepting bitcoin and crypto as payments.
Bitcoin adoption appears to be on the rise in Latin America, a place where many don’t enjoy the same financial privileges as people living in North America or Europe.
