MercadoLibre Will Launch Crypto Wallet Compatible With Fiat In Brazil

MercadoLibre will launch a cryptocurrency wallet that will offer customers to buy, sell and hold crypto and it will start in Brazil but expansion to other countries is expected too so let’s read more in today’s cryptocurrency news.

MercadoLibre is a huge e-commerce site from Latin America and it is stepping up its game in crypto after a few successful experiences. A senior executive announced that in the next few weeks, the company will enable a service for selling, buying, and saving crypto that is available to customers in Brazil. According to Bloomberg, Tulio Oliveira who is the Vice President of MercadoPago said that the company has its eyes on crypto as a focal point for the development of the financial branch:

“We took the time to study and learn before deciding to step into crypto. This has a transformational potential ahead and opens up a new avenue for us.”

The company’s idea is to start exploring the Brazilian crypto scene and to extend its service to other countries as well. The wallet is advanced and even passed the beta stage with no issues and will be ready to launch as soon as possible. Although it was founded in Argentina, the decision to start with Brazil does make sense since almost 11 million users are awaiting in Brazil as the main market. Brazil also has the strongest economy in the region and is a crypto-friendly country. The polls show that 48% of the population is in favor of BTC.

Brazil approved four cryptos ETFs with HASH11 that tracks the Nasdaq Crypto Index and it is the most popular technology among investors. A few fintechs offer support for crypto as well. Crypto.com even chose Brazil as the first market in South America to get a crypto-backed Visa debit card. Mercado Pago is a fintech endeavor of MercadoLibre and now the company offers a few services for the unbanked in Brazil like debit cards, credit cards, and digital wallets. No further details were unveiled about the crypto service and it is possible that it will be integrated into Mercado Pago’s own platform.

The e-commerce giant is not a stranger to the world of crypto as the company back in 2021 revealed that it acquired $7.8 million in BTC as a part of its treasury strategy. MercadoPago is also one of the founding members of the infamous Libra Association which became unsuccessful after coming under heavy scrutiny from regulators.