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MercadoLibre to Enable Crypto Investment Via Digital Wallet

BitPay crypto purchase

Latin American e-commerce giant MercadoLibre Inc will soon be allowing MercadoPago customers to buy, sell and hold cryptocurrencies with their digital wallets. The possibility is available only to a small group of clients since early November, and it is expected to be launched to wider range of users in the coming weeks.

Tulio Oliveira, the Vice President of MercadoPago, said in an interview that the company did their research before entering into the world of crypto. “This has a transformational potential ahead and opens up a new avenue for us,” said Oliveira.

The vice president stated that customers will not be able to pay directly for goods purchased on MercadoLibre with cryptocurrencies, at least initially.

MercadoLibre first revealed that it has made an investment in Bitcoin for $7.8 million last May. Co-founder and CEO Marcos Galperin is open about his pro-crypto stance, as he has been vocal about the potential of opportunities surrounding cryptocurrencies.

Established in 2003, MercadoLibre’s fintech subsidiary has gradually expanded its suite of services from a wallet and payment method. This also includes credit for buyers and sellers, in addition to insurance. As of Q3, its total payment volume has reached $20.9 billion.

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