Mercado Livre announced today (20) that it has purchased a stake in Grupo 2TM, which controls the Mercado Bitcoin and other cryptocurrency-related companies. In addition, it made a strategic investment in Paxos, which it uses in its cryptocurrency trading and custody service in Brazil. Thus, the company indicates that it will now enter the sector with everything.
However, the company, which is one of the largest in Latin America in terms of market value, did not disclose the transaction’s values ​​and how much stake it purchased. But, he said, “the investments reinforce its commitment to the development and use of digital assets and blockchain in the region.”
Thus, Mercado Livre stated that it intends to stimulate the regional ecosystem. Therefore, it wants to offer products and services “increasingly relevant to Latin American entrepreneurs and consumers”. This is because this market is the center of its strategy, he added.
Since December, Mercado Livre offers the service of buying and selling cryptocurrencies in Brazil, in addition, it provides custody. This is limited to bitcoin, ethereum and the USFP stablecoin. The issue is that it is not possible to move cryptos to and from other wallets. Therefore, the market was waiting for the company’s next step to grow in the sector. Transactions start with R$1.
Mercado Livre wants to be a central player with a stake in Mercado Bitcoin
Mercado Livre said it follows “closely the evolution of digital assets and blockchain technology around the world”. This means that partnerships and investments are just one more example of the various steps taken to integrate into this dynamic ecosystem, says the company’s statement.
“We are actively evaluating the various innovations and opportunities around this market as it evolves. The objective is to be a central player in this disruption”, said André Chaves, Senior Vice President of Strategy and Corporate Development at Mercado Livre for Latin America. According to the executive, cryptocurrencies and blockchain technology represent “a unique, global and collective phenomenon that breaks down barriers”.
“We are excited for Mercado Livre to join 2TM and Mercado Bitcoin. Mercado Libre could have a significant impact on the development of cryptocurrencies and blockchain in the region.” This statement was made by Daniel Cunha, Executive Vice President of Corporate Development at Grupo 2TM.
Cryptos are additional paths
“Mercado Livre was the first major platform to give access to cryptocurrencies and stablecoin to its users in Brazil. The investment in Paxos is a strong signal for the company to lead the large-scale adoption of digital assets in the region,” said Walter Hessert, Head of Strategy at Paxos.
Mercado Livre says that initiatives in the crypto world are additional ways to improve the experience of its users. “We want everyone to be able to access cryptocurrencies in a simple and transparent way”, completes Chaves.