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Mercado Pago Launches Cryptocurrency Trading Services In Mexico – Exchange Bitcoin News
Mercado Pago, the financial wallet division of Mercado Libre, the Latam e-tail giant, has announced the launch of cryptocurrency trading services in Mexico. The company has already launched this type of service in Brazil, serving one million customers in the country, allowing them to buy, store and sell bitcoin and ethereum, as well as receive Mercado Libre’s own token, mercadocoin.
Mercado Pago launches crypto shopping in Mexico
Mercado Pago aims to grow in Mexico with the introduction of cryptocurrency services. The company, which acts as a wallet arm of Mercado Libre, announced on September 27 that it has enabled the ability for customers to buy crypto with national fiat currency in Mexico. In this way, every customer in Mexico can now buy bitcoin and ether using funds available in Mercado Pago’s native wallet.
By bringing this product to Mexico, the company seeks to provide more options to Mexicans who are already customers of the company. Regarding this, Mercado Pago Mexico CEO Pedro Rivas stated:
Through this new service, we seek to give millions of Mexicans access to the world of crypto in an educational, safe and easy way, to generate greater technological inclusion.
Mercado Libres Latam expansion
The company had previously hinted at this move. Osvaldo Gimenez, head of Mercado Pago, announced a possible expansion on August 4, noting the importance of cryptocurrencies as an alternative investment in Latam. The company was a pioneer in offering this type of service in Brazil, with more than 1 million customers enjoying this functionality since November 2021.
However, Mercado Pago still does not allow customers to purchase items available in Mercado Libre using crypto yet. This is in line with what Marcos Galperin, co-founder and CEO of Mercado Libre, thinks about the value of crypto, giving its function as a store of value more importance than what it can offer as a means of payment. The company also launched its own token, called mercadocoin, on August 20, but gave no indication of its launch in Mexico.
Interest in cryptocurrency in Mexico has steadily increased, and other companies have already introduced crypto as a means of payment as part of their respective business models. Rappi, a food delivery company, announced on April 13 that it launched a pilot to accept cryptocurrencies as payment for its services.
In July, Indira Kempis, a Mexican senator, introduced a bill to declare bitcoin legal tender as a way to improve the levels of financial inclusion and literacy of citizens.
What do you think about Mercado Pago launching crypto trading services in Mexico? Tell us in the comments section below.
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