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Mercado Pago Extends Its Cryptocurrency Services in Brazil

Mercado Pago Extends Its Cryptocurrency Services in Brazil – One of the biggest e-tailers in Latam, Mercadolibre, has announced that its payment processing service, Mercado Pago, would be expanding the range of cryptocurrency-related services it first offered to Brazilian consumers back in November.

According to the company, it will make its platform available to consumers so they can receive cryptocurrency deposits from other exchanges and digital wallets, among other third-party services.

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Mercado Pago made the following claims in a letter to Portal do Bitcoin:

“As of today, users of the Mercado Pago app can receive Bitcoin, Ethereum, and Pax Dollar from other digital wallets. Transfers within the app itself also started to be possible last week.”

Also Read: Tencent Launches Extended Reality Unit to Tackle the Metaverse Market

As a result, Mercado Pago’s trading services are more functional than they were previously, when customers could simply buy and sell cryptocurrency using the app. The same principles are applied by other businesses like Nubank, which collaborates with Paxos to provide crypto services.

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Customers also asked for the ability to add transfers between cryptocurrency accounts within the Mercado Pago platform, allowing them to move cryptocurrency without having to exchange it for Brazilian fiat currency.

Even though the business began providing bitcoin services in November, it hasn’t yet made the system accessible to other exchanges and wallets, preventing withdrawals from the platform. 

Osvaldo Gimenez, president of fintech at Mercado Pago, stated the following regarding the withdrawals issue in December:

“We’ll soon enable transfers between wallets, followed by the ability to make withdrawals. However, opening up investing in cryptocurrency was the first priority.”

Six months after the statement was made, there is still no way to move any of the various cryptocurrencies off of Mercado Pago’s platform. The company did not specify when this service will start to be available.

Also Read: Morocco’s Central Bank to Unveil Crypto Regulation Bill Soon

Recently, Mercadolibre and Mastercard partnered to use their services to protect transactions and reduce the risks associated with doing business on the exchange platform. The business declared that in order to prevent money laundering and other related crimes on the platform, it would make use of Mastercard’s capabilities.

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