Latin American top company, MercadoLibre, jumped into the crypto business to allow their users to play with the crypto assets.
In the present time, many big payment network and financial institutions are trying their best to integrate crypto services because of the increasing demand for crypto in every sector of the world. Recently MasterCard, Visa, PayPal firm expanded their ecosystem in crypto at a wide level.
Now in the latest, Online retailer, MercadoLibre is ready to boost its business in the crypto space. MercadoLibre is an American company.
The Crypto initiative-based startup of the MercadoLibre started after the huge research and study by the firm. And the rollout of the crypto services started from the beginning of this month, as per the Bloomberg report.
Tulio Oliveira, MercadoPago vice-president, shared on this initiative of the company and said that:
“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”
Right now, MercadoLibre is planning to expand its crypto services to all other countries of Latin America because of increasing demand and interest in the crypto space.
It is worth noting that, Company is not going to integrate its old services with the crypto-related services. Their users can use the crypto services only to buy, sell and hold the crypto assets. They can’t use crypto to make payments for the product and services of the company.
MercadoLibre is now in the list of those financial and payment network traditional companies of the United State, which entered into crypto. For example PayPal.
According to reports, the treasury of the MercadoLibre bought $7.8 million worth of Bitcoin earlier this year. And now they are in rapid profit. And also, the company has purchased shares of other companies like motor car producer Tesla and software firm Microstrategy.
Elon Musk owned Tesla and Michael Saylor owned Microstrategy, both companies, holding Bitcoin in their Balance Sheet. At present, Microstrategy is at the top of the list of Bitcoin holders.