After launching the Bitcoin buying and selling product in Brazil, Mercado Libre is ready to bring the option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. to more users across the region.
- Mercado Libre will expand its crypto trading service.
- Users in Brazil can now buy and sell BTC from the app.
- No expansion schedule was indicated.
Latin America’s e-commerce giant, Free Market an area or arena, online or offline, in which commercial dealings are conducted. is working to expand its cryptocurrency buying and selling service throughout the region.
After launching the cryptotrading service in Brazil last year, the company is ready to bring cryptocurrencies to its more than 38 million active users in Latin America. This was announced by Osvaldo Gimenez, chief executive officer at Mercado Pago the company’s payments division, in an interview for the newspaper El País .
“We’re going to be expanding in the region the ability to buy, sell and have cryptocurrencies in your account.” said the CEO.
Free Market expands its cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. service
Free Market was integrated with the firm’s infrastructure Blockchain 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, Paxos in December of last year to allow customers of Mercado Pago in Brazil trade digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets directly from the application. The service allows you to buy, sell and hold Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. ,Ether the form of payment used in the operation of the distribution application platform, Ethereum. and the stablecoin a cryptocurrency with extremely low volatility, sometimes used as a means of portfolio diversification. Examples include gold-backed cryptocurrency or fiat-pegged cryptocurrency. USDP, linked to the US dollar.
The launch of the cryptocurrency trading feature in that country has proved successful. Within just two months of its launch, the service surpassed one million Brazilian users. That success has prompted plans to expand the product, which Gimenez believes could benefit Latin Americans looking for ways to diversify their portfolios.
It is an alternative investment opportunity that we find very interesting and generates a lot of interest from users. At a time when the dollar has been appreciating, the investments that users have with us are small and for us it is one more way to diversify their portfolio.
The director did not provide details on the expansion timeline, nor did he anticipate which countries will be the first to see the product rolled out. Instead, Gimenez talked about the broader plans for growth at Free Market in the region.
Launched in 2003, Free Market has grown from being ae-commerce a digital payments and financial services platform a place to buy, sell and store cryptocurrency that offers credit and loans. With a presence in Argentina, Brazil, Chile, Colombia, Mexico, Peru and Uruguay, the firm entered the cryptocurrency space last year. It now hopes to expand its products in this and other sectors, including the remittance market.
Efforts in cryptospace
The move comes amid prolonged turmoil in the cryptocurrency market, as well as a more complex macroeconomic backdrop of inflation. Gimenez expressed confidence that these trends, coupled with factors such as difficulties in accessing bank accounts in Latin American countries, will facilitate the expansion of the new financial products.
“ In Latin America half of retail transactions are paid in cash cash is the most liquid form of money: physical coins and banknotes in the most narrow sense of the term. and almost half of the population … either doesn’t have a bank account an account is essentially a whose purpose is to track the financial activities of a specific asset/ or has one that they use mainly to withdraw their salary in cash. I think that is the most important context in the region and what is going to facilitate our growth. Beyond that, country by country there are levels of inflation a general increase in prices and fall in the purchasing value of money. or slightly higher interest rates that have an impact on a smaller scale. I think that those two macro trends are the ones that have the most impact. “, comentó.
In recent times, Free Market has made several efforts to enter the crypto space. Prior to launching its crypto trading service, the company had launched a section for buying and selling real estate with cryptocurrencies in Argentina. It was also reported to have conducted a purchase of Bitcoin for USD $7.8 million as part of a treasury strategy.
Most recently, earlier this year, the company announced an investment en 2TM Brazil’s largest cryptocurrency exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. holding company, Bitcoin Marketplace and its cryptocurrency partner, Paxos .
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Article by Hannah Estefania Perez / DiarioBitcoin
Imagen de Unsplash edited in Canva