Mercado Libre, Latin America’s largest e-commerce company by market value, plans to expand its crypto trading feature across the region after a successful start in Brazil. Mercado Pago, Mercado Libre’s digital wallet, were allowed to buy and sell bitcoin, ether and stablecoin Pax dollar (USDP) in Brazil after an integration with Paxos blockchain infrastructure. The company’s crypto-trading feature became available in Brazil in December and hit 1 million users two months later, according to the story. Last month, Nubank, the largest Brazilian digital bank by market value, said it reached 1 million users on its crypto trading platform.
Mercado Libre is an owner of bitcoin, having disclosed a $7.8 million purchase in May 2021. In January of this year, the company announced an investment in 2TM – the holding company for Brazil’s largest crypto exchange Mercado Bitcoin – and blockchain infrastructure company Paxos.