The Latin American company Mercado Libre believes that cryptocurrencies help users maintain their purchasing power and diversify their investment portfolio.
One of the largest retailers in the Latin American region, Mercado Libre, plans to expand its cryptocurrency trading services to cover more countries in South America. Osvaldo Gimenez, head of Mercado Pago, digital payment and wallet service Mercado Libre, announced this.
According to him, the company is going to expand the ability to buy, sell and store digital assets. Currently, Bitcoin (BTC), Ether (ETH) and stablecoins pegged to the US dollar are available to the company’s clients. More than 1 million people use the Mercado Pago service, and the main platform currency is USDP, a stablecoin backed by Paxos.
In July, FTX CEO Sam Bankman-Fried said that the best adoption of cryptocurrencies is happening in Latin America right now, and it will only grow in the future. Therefore, the company said that it plans to expand its business in Central and South America.
Due to the current state of the regional economy, many Latin American countries suffering from high inflation and devaluation, such as Argentina, are turning to cryptocurrencies and stablecoins as a way to maintain their purchasing power.
“This is an alternative investment opportunity that we find very interesting and attracts a lot of interest from clients. As the dollar appreciates, the investments our users have are helping them maintain their purchasing power and diversify their investment portfolio,” Jimenez said.
Earlier, the international payment system Mastercard signed an agreement with Mercado Libre on a commitment to increase the security and transparency of the crypto ecosystem of the company’s online store.