Mercado Pago, Mercado Libre‘s fintech, launched on Thursday (2) a service to buy, sell and store cryptocurrencies through its digital wallet. The whole operation will be done directly through the app and users will be able to buy cryptocurrencies with money available in the digital account, starting at BRL 1. Each transaction will have a 2% cost in conversions.
At first, the service will be available only in Brazil, to a contingent of about 20 million users, and will allow customers to follow, buy or sell three cryptocurrencies – Bitcoin, Ethereum, and USDP, a stable coin paired to the dollar. Other digital currencies may be included in the future.
For now, cryptocurrencies cannot be used to pay for purchases made through Mercado Libre‘s e-commerce, but the possibility is on the company’s radar, according to Mercado Pago CEO Osvaldo Gimenez.
The fintech‘s entry into the crypto ecosystem was made possible through a partnership with US company Paxos, a world-class custodial and blockchain platform that will enable the management of cryptocurrency buying, selling, and storing transactions.
Tulio Oliveira, country manager at Mercado Pago in Brazil, said the company will be the first Brazilian fintech to offer to buy, selling and store cryptocurrencies from a fee-free digital account. “We will prepare millions of Brazilians for the future of digital money,” he said, noting that the initiative will also provide educational content about the crypto ecosystem to guide users to the best trading opportunities.
“We will follow our users, help them enhance their experience in cryptocurrency trading and offer all educational support to make the best decisions. All crypto management will be able to be done from a free account, facilitating access to new opportunities for financial growth, including for those outside the financial system,” he added.
Mercado Libre‘s debut in the crypto market sets another step in the company’s strategy to expand its financial services and also reinforces Mercado Libre’s bet on the crypto market since in May it reported the purchase of $7.8 million of bitcoins in its financial results. For Gimenez, the “crypto paradigm is becoming increasingly relevant in the financial world.”