Mercado Libre, a Latin American company, believes that cryptocurrencies help users maintain their purchasing power and diversify their investment portfolio.
One of the largest retailers in the Latin American region, Mercado Libre plans to expand its cryptocurrency trading services to include more countries in South America. The announcement was made by Osvaldo Gimenez, head of Mercado Pago, Mercado Libre’s digital payment and wallet service.
The company is looking to expand its ability to buy, sell and store digital assets, he said. Now bitcoin (BTC), ether (ETH) and staplecoins pegged to the US dollar are available to the company’s customers. The Mercado Pago service is used by more than 1 million people, and the platform’s main currency is USDP, a stable coin backed by Paxos.
In July, FTX exchange CEO Sam Bankman-Fried said that cryptocurrency adoption is doing best in Latin America right now, and it will only grow in the future. The company has therefore said it plans to expand into Central and South America.
Because of the current state of the regional economy, many Latin American countries suffering from high inflation and devaluation, such as Argentina, are turning to cryptocurrency and Stablecoin as a way to maintain their purchasing power.
“This is an alternative investment opportunity that we find very interesting and that is generating a lot of interest among customers. At a time when the dollar is getting more expensive, the investments that our users have are helping them maintain their buying power and diversify their investment portfolio,” said Jimenez.
Earlier, international payment system Mastercard signed an agreement with Mercado Libre on a commitment to improve the security and transparency of the company’s online crypto-ecosystem.
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