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Mercado Pago Announced the Launch of Cryptocurrency Trading Services in Mexico

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Joyashree Dey Follow

INDIA

Nov, 01 2022

Nov, 01 2022

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The financial wallet division of Mercado Libre, the Latam e-tail giant, is launching Mexico-based cryptocurrency trading services 


The company has previously launched a cryptocurrency trading service in Brazil, serving 1 million Brazilian customers, allowing them to buy, store, and sell Ethereum and Bitcoin, and to get Mercado Libre’s own token, mercadocoin. 


Mercado Pago is planning to expand in Mexico with the introduction of cryptocurrency services. The organization, which fills in as a wallet arm of Mercado Libre, declared on September 27 that it has actuated the opportunities for clients to buy crypto with national fiat currency in Mexico. Along these lines, each user in Mexico is now able to buy bitcoin and ether using funds accessible in a native wallet of Mercado Pago. 


In carrying this product to Mexico, the organization tries to give more choices to Mexicans that are as of now customers of the organization. On this, Mercado Pago Mexico’s CEO Pedro Rivas expressed, “Through this new service we seek to give millions of Mexicans access to the crypto world in an educational, safe, and simple way, in order to generate greater technological inclusion. 

The company already gave a hint of this upcoming move. On August 4, Osvaldo Gimenez, head of Mercado Pago, announced a possible expansion, commenting on the significance cryptocurrencies have as an elective investment in Latam. The organization was a trailblazer in offering this sort of service in Brazil, with more than one million clients partaking in this usefulness since November 2021. 


However, Mercado Pago is as yet not permitting clients to buy merchandise available in Mercado Libre using crypto yet. This goes in accordance with what Marcos Galperin, co-founder, and CEO of Mercado Libre, think about the value of crypto, crediting more significance to its capability as a store of value than what it could propose for the purpose of payment. On August 20, the organization additionally launched its own token, called mercadocoin, however, provided no signs about its launch in Mexico. 


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Joyashree Dey

CBW - External Analyst

INDIA

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