An online marketplace dedicated to e-commerce and online auctions, MercadoLibre is expanding its engagement in digital assets by allowing Brazilian clients to buy, sell and hold cryptocurrencies via its digital payments app.
Moreover, MercadoLibre launched the services to some of the clients in early November, according to Bloomberg reports.
The company, which ranks as the largest Latin American company by market capitalization, is expanding its services in the coming weeks, leaving an official statement about the feature.
Tulio Oliveira, a MercadoPago vice president says,
“We took the time to study and learn before deciding to step into crypto. This has a transformational potential ahead and opens up a new avenue for us.”
In addition, the e-commerce retailer also aims to expand the services to other Latin American countries. This comes as the crypto space is growing at a rapid pace. However, upon launching the service, customers won't make crypto payments directly for products purchased on MercadoLibre.
Note that Mercado is now among the traditional businesses that got into cryptocurrencies, following other United States firms like PayPal. As a matter of face, this is a positive move for the crypto sector, as the value of various assets like Bitcoin surged.