Mercado Pago reports "dizzying growth" in users interested in cryptocurrencies

Stelleo Tolda, Mercado Libre's president of commerce, said the number of Mercado Pago users interested in cryptocurrencies has grown by leaps

Mercado Pago launches cryptocurrency buying & selling through the app in Brazil
Image: Mercado Pago/Courtesy
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Mercado Pago, Mercado Libre‘s fintech, has seen a sharp expansion in the number of users on its platform interested in cryptocurrencies, said Stelleo Tolda, one of Mercado Libre‘s co-founders and the main name ahead of the e-commerce platform’s operation in Brazil, on Tuesday at a BTG Pactual event.

Tolda was talking about the service for buying, selling and custody of cryptocurrencies (Bitcoin, Ethereum, and USDP, a stable coin pegged to the dollar), with transactions starting at just BRL 1, launched by Mercado Pago a little over two months ago, marking Mercado Libre’s entry into the digital assets market. “Today, with 1 Brazilian real, you can invest in crypto at Mercado Pago,” said the executive.

READ ALSO: Mercado Libre buys a stake in 2TM Group, the parent company of crypto unicorn Mercado Bitcoin

Tolda also said that there is some demand for cryptocurrency payment options, but that the volatility of digital currencies makes it difficult to set the value of assets. “You can still do a lot in this universe,” said the executive.

In January, 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 that partnered with Mercado Pago in offering the cryptocurrency buying, custody, and selling service launched in December.

READ ALSO: Stelleo Tolda to step down as Mercado Libre CEO in April

Mercado Pago goes into the corporate benefits segment

Looking for ways to increase the recurrence of its 20 million user base, Mercado Pago also announced its entry into the employee benefits segment, competing with companies such as Ticket, Sodexo and Alelo.

The company launched a solution that allows to gather several benefits in a single card (such as food vouchers, meal vouchers and fuel vouchers) and use the values for debit purchases at places that accept Visa cards.

According to Mercado Pago VP Tulio Oliveira, the solution reduces costs and simplifies processes for the companies’ human resources departments, while employees can better manage their resources and avoid having to use several cards for each benefit.

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