The service will offer Bitcoin, Ether the form of payment used in the operation of the distribution application platform, Ethereum. and USDP trading initially to Mercado Pago users in Brazil. It is expected to officially launch by the end of the month.
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The largest e-commerce company in Latin America,Free Market an area or arena, online or offline, in which commercial dealings are conducted.is integrating with the infrastructure ofPaxos to allow its users to trade digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies from its payment service.Mercado Pago.
Free Market had advanced the plans last week as reported byDiarioBitcoinThe company said that the measure would initially be available to users in Brazil. At the time, the firm had highlighted in a statement that it would be entering the Brazilian crypto space alongside “a world-class custodian a custodian is responsible for safely holding assets for an institution or individual for a variety of purposes.“but he did not reveal which company it was.
This Thursday,Free Market has confirmed plans in partnership withPaxosthe companyBlockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. of financial services. The alliance will allow Brazilian users of Mercado Pago buy, sell and hold cryptocurrencies from the app.
Trade cryptocurrencies from Mercado Pago
De acuerdo con la información, la aplicación de pagos inicialmente admitirá tres criptomonedas: Bitcoin, Ethereum a decentralized open-source blockchain with smart contracts functionality. y lastablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. linked to the dollar ofPaxosPax Dollar (USDP). In the meantime,Paxos will handle the trading and safekeeping of assets for the users of theMercado Pago.
Los users of Mercado Pago will be able to buy cryptocurrencies with their existing fiat fiat currency is “legal tender” backed by a central government, such as the Federal Reserve, and with its own banking system, such as fractional reserve banking. It can take the form of physical cash, or it can be represented electronically, such as with bank credit. currency currency is a medium of exchange that defines value. balance in the application, starting at a minimum of 1 Brazilian real. (around USD$0.18). In addition, the app will also provide prices of the three available cryptocurrencies, as well as educational content on crypto, the company said.
The new initiative of Mercado Pago will provide access to cryptocurrencies and stable coins to more than 200 million Brazilians, said Walter Hessert, chief strategy officer at Paxos in a statement. “ This will accelerate the widespread adoption of cryptocurrencies and stable coins across the continent.We’re excited to partner with Mercado Pago to make this possible. “, agregó.
For his part, Tulio Oliveira, vice-president ofMercado Pago in Brazil, assured that the free service represents an alternative for those who are excluded from the banking system, “.thus facilitating access to new financial growth opportunities.none
The service is expected to be available to users in Brazil later this month, although an exact launch timeline was not specified. The company added that it is gradually rolling out the feature, starting with its own employees.
While the measure will begin its deployment in Brazil, according to the vice-president ofFree MarketThe goal is to bring this possibility to more countries in Latin America, especially in light of the growing interest in the use of cryptocurrencies among the population.
The service will first come to Brazil before expanding to Brazil
Mercado Pago se originally launched as a service to manage transactions through the online marketplace Mercado Libre, a popular website for buying and selling products that operates in 18 countries in the Latin American region.
Sin embargo, el servicio de pago ha crecido convirtiéndose en uno de los métodos más aceptados entre muchas tiendas físicas. Los comercios pueden aceptar pagos con Mercado Pago through QR codes and mobile point-of-sale systems. The payment system is also a popular way to pay bills.
Available in Brazil, Argentina, Chile, Colombia, Mexico, Peru and Uruguay, the popularity of the service is possibly due to factors such as the difficulty a measure of how hard it is to validate a new block on a blockchain. of accessing bank accounts, limited access to foreign currencies and the various problems present in the local economies. It should be noted thatMercado Pago can be integrated with PayPal and also offers its users discounts for use at certain partner merchants.
“ Any Brazilian user who wants to have US dollars can now do it without problems within MercadoPago getting USDP.none
In conversation withThe Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain., Hessert said that the launch of the function with cryptocurrencies in Brazil is due to the importance and size of the market in that nation. On the other hand, he stressed that the initiative is part of a broader trend of using stable currencies in the region.
As we start to see stablecoins become integrated into mainstream platforms like Mercado Libre, I think we’re going to start seeing new use cases for stablecoins beyond cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading and DeFi, such as for payments for actual goods and services.
- Latin American company Kaszeh and founder of Mercado Libre invest investing is when you put money in a financial scheme with the intent of making a gain. in DeFi a movement encouraging alternatives to traditional, centralized forms of financial services. startup, ‘Exactly’.
- Mercado Libre invests in Bitcoin: the first in Latin America to add crypto to its balance sheet
- Mercado Libre opens section for buying / selling real estate with cryptocurrencies for users in Argentina
Sources: Blog de Paxos ,The Block, CoinDesk , archivo
Article by Hannah Estefania Perez /DiarioBitcoin
Image from Unsplash (does not correspond with the companies mentioned in this note)
