Brazilian Mercado Libre partners with Paxos to enable Crypto payments

Mercado Libre's digital wallet

December 3, 2021

Reading Time: 2 minutes

Mercado Libre, Latin America’s most prominent e-commerce firm by market capitalization, announced a partnership with Paxos’ blockchain technology to enable customers in Brazil to buy, trade, and store cryptocurrencies.

Users of Mercado Pago, Mercado Libre’s digital wallet, will be able to purchase and trade bitcoin, ether, and the stablecoin Pax dollar (USDP) starting later this month, according to Mercado Libre. It was also said that the minimum amount necessary to operate would be 1 Brazilian real.

Paxos will manage crypto trading and custody for Mercado Pago customers similar to its merger with PayPal in late 2020, which was generally perceived as hastening the mainstreaming of cryptocurrencies in the United States and elsewhere.

Last week, Mercado Libre informed CoinDesk that it was entering the Brazilian cryptocurrency market with a world-class custodian. Besides, it was also looking at the financial and legal elements of the technology.

In response to the CoinDesk question on when it starts to operate, it stated the crypto service would begin in December but did not provide a date.

Mercado Libre’s Enables Crypto Investments in Brazil

Thanks to Mercado Pago’s new project, more than 200 million Brazilians will have access to crypto and stablecoins. Walter Hessert, Paxos’ director of strategy, stated that this would hasten the widespread adoption of bitcoin and stablecoins throughout the continent. Walter Hessert went on to add that they are excited to work with MercadoPago to make it happen.

In a statement, Tulio Oliveira, vice president of Mercado Pago in Brazil, noted that the entire crypto administration may be done from a free account, providing access to new financial development potential, particularly for individuals who are now outside the financial system.

The company said that the Mercado Pago app would feature rates for bitcoin, ether, and USDP and instructional information regarding the three cryptocurrencies.

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