Argentinian e-commerce giant invests in Mercado Bitcoin and Paxos

Source: Adobe Stock / piter2121

Argentina-based e-commerce giant Free market invested in Bitcoin market and Paxos as it aims to strengthen its presence in the cryptosphere, as well as the development and adoption of digital assets in Latin America.

Nasdaq-listed company declared having acquired shares in Group 2TM, which is the parent company of the digital asset exchange MercadoBitcoin.com, and it also made a strategic investment in the regulated blockchain infrastructure platform Paxos. No further details of the deals were disclosed.

The investments, according to the announcement, “reinforce Mercado Libre’s commitment to the development and use of crypto assets and blockchain technology in the region”, as it plans to use them to “boost the ecosystem regional level, allowing it to offer increasingly relevant products and services”. to Latin American entrepreneurs and users.

Paxos, the company says, powers the Mercado Pago crypto experience in Brazil. Through their partnership, since December, Mercado Pago has been offering Brazilian users access to buy, hold, and sell bitcoin (BTC), ethereum (ETH), and Paxos’ own USDP stablecoin.

According to Walter Hessert, Head of Strategy at Paxos, Mercado Libre was “the first major platform to offer crypto and stablecoin access to its users in Brazil”, and this latest investment “is a strong signal of the commitment of the company to lead consumer adoption of digital. assets through [Latin America].”

Additionally, Daniel Cunha, Executive Vice President of Corporate Development at 2TM Group, says that as “a key player in the [Latin America] technology and financial services industries, Mercado Libre can have a significant impact on the further development of crypto and blockchain in the region.

As reported, in May 2021, Mercado Libre announced that its real estate arm would start accepting BTC in a special new section of the platform dedicated to crypto transactions, which groups properties by BTC price. This came as somewhat of a surprise, given that the company’s co-founder, Marcos Galperin, had publicly denounced Bitcoin’s payment information less than 12 months earlier.

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