• The Argentine business wants to capitalize on the Brazilian cryptocurrency boom and offer a service for crypto trading.
• The company will soon implement the ability to purchase products directly with cryptocurrency, although it is not yet available.
• In the future, Mercado Pago will also be available in other Latin American countries.

Latin American ecommerce giant Mercado Libre has launched a cryptocurrency-based service in Brazil via its Mercado Pago software.

But, it was clarified by the company that it won’t be possible for cryptocurrencies to direct pay for services and goods purchased through the platform. The product will soon be available in additional markets within the region.

Until now, the Argentine company had stayed away from cryptocurrencies, despite recognizing that cryptocurrencies will have a “relevant role in transnational payments” and “have an important role as a store of value.”

But even the CEO of Mercado Libre, Marcos Galperín, was not convinced about the use of cryptocurrencies as a means of payment. It was a complex process that needed to be completed before cryptocurrencies can become a viable currency.

Galperin’s biggest doubt was precisely the use of crypto for the acquisition of goods and services through the Mercado Libre platform, the option of which is not yet available.

However, the company continues to hold bitcoins in its bank account. Last May, Mercado Libre revealed that it had purchased 7.8 Million dollars worth of BTC.

Although Galperín agrees with the use of cryptocurrencies and is convinced of the enormous possibilities offered by decentralization through blockchain technology, he also recognizes that when paying “the QR code is much more efficient than cryptocurrencies”.

Before we decide to move towards cryptocurrency, we take time to learn and study. We are able to see the potential for change and open up new possibilities.
The executive stated.

The Mercado Pago application will have the new option available in the “crypto” button that appears along with the other functions: “send money”, “discounts”, QR code “and others.

The CEO of Mercado Libre, wrote the following via his Twitter account (NYSE:).

“As of this week, @MercadoLivre & @mercadopago users can purchase, save, and trade crypto beginning in #Brasil.”
The service had been available for certain MercadoPago Brazilian clients since November. However, it will be made available to many more people in the next weeks according to Tulio Oliveira, Mercado Pago VP.

To The Flipside

• It was not an accidental choice that Mercado Libre selected Brazil for its pilot program to introduce the cryptocurrency buying and selling service. This is the most popular market in Latin America to launch product and service products.

What Are You Responsible For?

• Mercado Libre’s foray into cryptocurrency trading is an indicator of how this market is moving and the rapid adoption of digital currencies in the region.

EMAIL NEWSLETTER

Get the other side of crypto!

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7]
With just one click, you can unsubscribe at any time.

Continue reading on DailyCoin