Latin America‘s e-commerce giant Mercado Libre has moved forward in its strategy to expand business in the crypto asset market and has bought a stake in 2TM, the parent company of the crypto unicorn Mercado Bitcoin, a platform for buying and selling cryptocurrencies.
Mercado Libre also announced a strategic investment in Paxos, a blockchain platform. Since December, Mercado Pago, the financial arm of Mercado Libre, has partnered with Paxos to offer Brazilian users access to buy, custody, and sell cryptocurrencies (Bitcoin, Ethereum, and stable coin USDP) through its digital accounts, with trades starting at just BRL 1.
Mercado Libre did not reveal how much it invested in the deals.
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In a statement, Mercado Libre said investments reaffirm the company’s commitment to the development and use of digital assets and blockchain technology in the region, enabling it to offer relevant products and services to Latin American entrepreneurs and consumers.
“We are actively looking at the innovations and opportunities in this market as it evolves, with the goal of being a major player in this disruption. Cryptocurrencies and blockchain technology are a unique, global, collective phenomenon that breaks down barriers and creates an open field for all consumers to achieve economic empowerment. We want everyone to be able to access the cryptocurrency market in a simple and transparent way, that is our goal,” said André Chaves, senior VP of Strategy and Corporate Development at Mercado Libre for Latin America.
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“We are excited for Mercado Libre to join 2TM and Mercado Bitcoin as a shareholder. As a major player in Latin America, Mercado Libre can have a significant impact on the future development of cryptocurrencies and blockchain in the region,” said Daniel Cunha, executive vice president of Corporate Development at 2TM Group.
Walter Hessert, head of strategy at Paxos, pointed out that Mercado Libre was the first major platform to give its users access to cryptocurrencies and stable coins in Brazil. “The investment in Paxos is a sign of the company’s commitment to lead the wide-scale adoption of digital assets throughout Latin America.”