Latin America’s Leading Marketplace Mercado Libre Enters Crypto Market with Stablecoin Integration
Mercado Libre, the leading online marketplace in Latin America, is once again venturing into the world of cryptocurrencies, this time by offering stablecoins.
Mercado Pago, the fintech arm of Mercado Libre, revealed that Mexican users will now have access to Paxos’ Pax Dollar (USDP). It is a digital wallet app that enables users to make payments conveniently. USDP, ranked as the 43rd largest cryptocurrency with a market cap of $994 million, is a stablecoin pegged to the U.S. dollar, developed by Paxos, a New York-based blockchain infrastructure firm.
Stablecoins play a crucial role in the crypto economy as they maintain a stable value, unlike volatile cryptocurrencies such as Bitcoin or Ethereum, making them ideal for swift trading transactions. Mercado Pago stated that this partnership would provide Mexicans with “easy access to the safest digital dollars.”
Michael Coscetta, Chief Revenue Officer of Paxos, emphasized the growing demand for digital assets among consumers in Mexico and throughout Latin America. Mercado Libre, often referred to as the Amazon of Latin America, previously launched Mercado Coin, an ERC20 token for customers in Brazil, which allows them to earn cashback rewards.
Furthermore, the Buenos Aires-based e-commerce giant made headlines by becoming the first Latin American company to include Bitcoin in its balance sheet, acquiring $7.8 million worth of the cryptocurrency in 2021.
Clever Robot News Desk 30th June 2023