- Mexican Bitcoin trading has begun on the massive e-commerce site Mercado Libre.
- Mercado Libre`s action follows a downturn in crypto markets.
- Several businesses in Mexico have adopted crypto in their models.
The Latin American e-commerce behemoth Mercado Libre’s financial wallet section, Mercado Pago, has announced the opening of bitcoin trading services in Mexico.
This launch has enabled them to buy, sell, and store Bitcoin and Ethereum as well as to obtain Mercado Libre’s own currency, Mercadocoin. The business has already started offering this type of service to one million consumers in Brazil.
The firm hopes to provide Mexicans who are currently consumers of the company with more alternatives by bringing this product to them. Pedro Rivas, CEO of Mercado Pago Mexico, commented on this:
“Through this new service, we seek to give millions of Mexicans access to the crypto world in an educational, safe, and simple way, in order to generate greater technological inclusion.”
Mercado Libre`s action follows a downturn in the cryptocurrency markets earlier this year. This further witnessed the collapse of industry titans like Celsius and Voyager. Fernando Yunes, the country head for MercadoLibre, asserted that the firm was putting more of an emphasis on long-term potential than on short-term changes in the market.
The popularity of cryptocurrencies has been slowly growing in Mexico. Other businesses have also already incorporated them into their individual business models as a form of payment. For instance, on April 13, the meal delivery service Rappi announced the start of a trial program to accept crypto payments for its services.
Sen. Indira Kempis of Mexico submitted a measure in July that would make bitcoin legal cash. This follows an effort to increase financial inclusion and increase financial knowledge among the populace.
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