Mercadolibre is the largest Latam-based business and has launched cryptocurrency services on its platform. Mercadolibre’s platform will allow users to buy, sell, and hold cryptocurrencies. This is a natural step for the company as it acts as an intermediary between the companies that offer products and the customers who consume them.
It was quietly launched to some Brazilian customers earlier this month. The service will continue to expand to new customers over the next few weeks. Mercadolibre has not yet announced whether it plans to expand the test into other markets. Tulio Oliveira a vice president of Mercadopago, said that crypto is now part of the company’s business model.
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Enjoying Crypto and Other Limitations
Since its inception, the company has been investing in crypto since then. Mercadolibre purchased $7.8million worth of bitcoin ( BTC ) during Q1 this year. It disclosed it last May, when it announced its first quarter financial results. Marcos Galperin is the co-founder and CEO of the company. He has personally invested in crypto companies such as Ripio.
About cryptocurrencies, Galperin stated:
Cryptocurrencies will not be going away. They play an important role not only as a payment method but also as a store for value.
Galperin’s thought process might lead to the conclusion that users of Mercadolibre will not be able immediately to buy goods or pay for services using cryptocurrencies. If the company is looking to replicate Paypal, the next step would be to add cryptocurrency as a payment option for purchases on the platform.
If everything goes well during the trial, Mercadolibre’s actions may inspire other large companies in the region to add cryptocurrency into their business models.