MercadoLibre Will Add Cryptocurrency Support For Brazil Users

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MercadoLibre e-commerce platform will enable Brazilian users to buy, sell and store cryptocurrencies using the MercadoPago payment platform.

The Latin American giant is looking to expand its financial product line by introducing a dedicated digital payments app, Bloomberg reports. In the coming weeks, Brazilian customers of MercadoPago will be able to buy, sell and store cryptocurrencies using digital wallets. These features became available to a small group of users in early November, according to MercadoPago VP Tulio Oliveira.

“We spent a lot of time learning before deciding to launch a cryptocurrency service. Digital assets have great potential and open up new opportunities for us, ”said Oliveira.

Despite the fact that MercadoLibre is registered in Argentina, the company decided to add support for payments in cryptocurrencies in Brazil, since this country is considered relatively friendly in relation to digital assets. In March, Brazilian regulators approved the first Bitcoin ETF in Latin America, and the ETF went live on air in July. In the future, it is planned to provide access to the cryptocurrency service for residents of other South American countries.

MercadoLibre is poised to follow the lead of PayPal, which added the ability to buy, sell and store cryptoassets for US users last November. These features became available to UK residents in August.

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