Mercado Libre Enables Cryptocurrency Transactions in Chile via Mercado Pago

According to reports, Mercado Libre, the largest e-commerce company in Latin America, has enabled cryptocurrency transactions in Chile through its digital wallet, Mercado Pago. Users of Mercado Pago in Chile can now trade Bitcoin and Ethereum for as little as 50 Chilean pesos (equivalent to $0.063). Mercado Pago partnered with Latin American cryptocurrency company Ripio to provide transaction functionality. The company previously launched cryptocurrency transactions in Brazil in December 2021 and launched the same service in Mexico the following year. Osvaldo Gimenez, head of financial technology at Mercado Libre, said that since December 2021, more than 2 million users have conducted cryptocurrency transactions on Mercado Pago in Brazil, while in the first month after the launch of the feature in Mexico, more than 150000 users have conducted transactions.

Mercado Libre enables cryptocurrency transactions in Chile through a digital wallet, Mercado Pago

As cryptocurrencies continue to gain global prominence, the world’s largest e-commerce company in Latin America, Mercado Libre, has announced their latest digital wallet feature: the ability to conduct cryptocurrency transactions. According to reports, Mercado Pago, a digital wallet provided by the company, will now allow users in Chile to trade Bitcoin and Ethereum for as little as 50 Chilean pesos (equivalent to $0.063). The feature was enabled in partnership with the Latin American cryptocurrency company, Ripio.

Cryptocurrency Transactions in Latin America

This latest addition of cryptocurrency transactions in Chile is not a first for Mercado Libre. The company initiated similar services in Brazil in December 2021 and Mexico in 2022. In Brazil, Mercado Pago reported more than 2 million users transacting with cryptocurrencies since the launch, while in Mexico, over 150000 users transacted in the first month.

Mercado Pago’s Integration with Cryptocurrencies

Mercado Pago’s partnership with Ripio has enabled a smooth transaction process for users in Chile. The partnership enables users to buy and sell Bitcoin and Ethereum through the Mercado Pago wallet, with payments conducted via bank transfer or credit card. The exchange rate is reported to be competitive with other cryptocurrency platforms.

The Significance of Mercado Libre’s Cryptocurrency Integration

The inclusion of cryptocurrencies in Latin America’s largest e-commerce platform by Mercado Libre is a significant move. The company has made significant steps that showcase its optimism towards cryptocurrencies, and this latest addition further cements its position as a trendsetter in the industry. With the continued growth of cryptocurrencies globally, Mercado Libre’s cryptocurrency integration is a strategic business move that not only expands their market share but also provides the millions of users on its platforms with additional financial options.

FAQs

Can I use other cryptocurrencies apart from Bitcoin and Ethereum on Mercado Pago in Chile?

At the moment, Bitcoin and Ethereum are the only cryptocurrencies available for trading on Mercado Pago in Chile.

Is using Mercado Pago for cryptocurrency transactions safe?

Yes, Mercado Pago has integrated Ripple technology, which provides an added layer of security to its platform.

How can I start transacting with cryptocurrencies on Mercado Pago?

To start, you will need to have a registered and verified account on Mercado Pago. You can then access the cryptocurrency transaction feature and start trading.

Conclusion

Mercado Libre’s integration of cryptocurrency transactions in Chile through Mercado Pago reinforces the continued growth of cryptocurrencies globally. The inclusion is a strategic business move aimed at expanding the company’s market share while providing users on the platform with additional financial options. Given the success observed in Brazil and Mexico, it is expected that more users in Chile will take advantage of this feature in the coming months.