MercadoLibre will add cryptocurrency support for users from Brazil – Bits Media

E-commerce platform MercadoLibre will allow users from Brazil to buy, sell and store cryptocurrencies using the MercadoPago payment platform.

According to Bloomberg, The Latin American giant seeks to expand its range of financial products, introducing a special application for digital payments. In the coming weeks, MercadoPago's Brazilian customers will be able to purchase, sell and store cryptocurrencies, using digital wallets. According to MercadoPago Vice President Tulio Oliveira (Tulio Oliveira), these features became available to a small group of users in early November.

"We spent a lot of time training, before deciding to launch a cryptocurrency service. Digital assets have great potential and open up new opportunities for us", - said Oliveira.

Despite, that MercadoLibre is registered in Argentina, the company decided to add support for payments in cryptocurrencies in Brazil, as this country is considered relatively friendly towards digital assets. In March, Brazilian regulators approved Latin America's first Bitcoin ETF., and in July an Ethereum ETF was launched. In the future, it is planned to provide access to the cryptocurrency service for residents of other South American countries.

MercadoLibre is ready to follow the example of PayPal, which last November added the ability to purchase, sale and storage of crypto assets for US users. These features became available to UK residents in August.