Mercado Libre, Latin America’s largest e-commerce company by market value, plans to expand its crypto trading feature across the region after a successful start in Brazil.
“We will be expanding in the region the possibility to buy, sell and hold cryptocurrencies in your account,” Mercado Libre’s fintech vertical director Osvaldo Gimenez told the Spanish newspaper El País. “It works with bitcoin, with ethereum and with a stable currency that reflects the value of the dollar,” he added.
Contacted by CoinDesk, Mercado Libre did not provide details on exactly which countries were next in line for the product or any tentative dates.
The company’s crypto-trading feature became available in Brazil in December and hit 1 million users two months later, according to the story. Last month, Nubank, the largest Brazilian digital bank by market value, said it reached 1 million users on its crypto trading platform just one month after its June launch.
“It is an alternative investment opportunity that we find very interesting and generates a lot of interest from users,” Gimenez said. “At a time when the dollar has been appreciating, the investments that users have with us are small and for us, it is one more way to diversify their portfolio.”
Mercado Libre is an owner of bitcoin, having disclosed a $7.8 million purchase in May 2021. In January of this year, the company announced an investment in 2TM – the holding company for Brazil's largest crypto exchange Mercado Bitcoin – and blockchain infrastructure company Paxos.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.