Mercado Libre Inc, the most valuable e-commerce firm in Latin America with a market valuation of $61.56 billion, has made the announcement that it will be expanding its cryptocurrency trading services to Chile. (1)
Users in Chile may now purchase, sell, and store Bitcoin (BTC) and Ethereum (ETH) directly within the Mercado Pago wallet app.
It is simple to use the Mercado Pago app, transactions may be finished directly within the app, and users can acquire cryptocurrencies with money available in their Mercado Pago digital account.
Osvaldo Gimenez stated:
“We erase obstacles to access to the cryptomonedas market,” the company said in a statement, “via a very simple operation through the app and with the required amount to operate very low.” This allows even users with less expertise or understanding to take their initial steps into the market.
When it first went live in December 2021, individuals from Brazil were the only ones who could take advantage of the service.
During that time period, Mercado Pago even initiated a cryptocurrency education campaign in order to assist its clients in gaining a better understanding of cryptocurrency.
In addition, Mercado Pago hit the market in Mexico in November 2022, and in its first month of operation, the app attracted as many as 150.000 users.
Mercado Libre was the first company in Chile to offer this particular form of cryptocurrency transaction in the country.
The senior director of Mercado Pago in Chile, Matas Spagui, offered the following commentary:
“Entering the cryptocurrency business is another step toward improving and extending the availability of banking services in Chile and Latin America,” said the company. “[T]he market for cryptocurrencies is growing rapidly.
We hope that by providing this new service, we will be able to give millions of Chileans access to the world of cryptocurrencies in a user-friendly, safe, and informative way.
The bare minimum required to begin trading Bitcoin and Ether in Chile is fifty Chilean pesos (CLP) (equivalent to about 6 cents).
The company offers the service through a collaboration with a crypto startup based in Latin America called Ripio.
About Mercado Libre
Mercado Libre is an online marketplace that offers facilities for buying, selling, and paying for goods and services, in addition to collecting data, creating leads, and comparing lists through the use of electronic commerce.
Mercado Libre is an online marketplace that was established in 1999 by Marcos Eduardo Galperin and now operates in 18 different countries.
These nations include Spain, Argentina, Brazil, Mexico, Paraguay, Colombia, Chile, Venezuela, and Peru, among others.
The organization is broken up into five primary business divisions. Users are able to sell their own wares on the MarketPlace platform. In addition, Mercado Pago provides a platform for online financial transactions. The advertising department of Mercado Libre is known as Mercado Publicado.
Also, the company provides a product called Mercado Shops, which is intended to improve the overall ecosystem of the platform. Mercado Crédito is the name of the company’s credit line in the end.
Mercado Libre Purchased Bitcoin for $ 7.8 million in May 2021
The co-founder and current CEO of Mercado Libre, Marcos Galperin, has stated that “cryptocurrencies are here to stay.
They serve an essential purpose, not so much as a method of exchange for goods and services but rather as a depository for wealth.
The organization is of the opinion that cryptocurrencies offer an excellent alternative to more conventional forms of finance.
Featured Image Source: (1.1)