Mercado Libre, the leading e-commerce platform in Latin America, is investing more in crypto initiatives. The firm has announced the acquisition of shares from the 2TM Group. Additionally, it has invested in Paxos, another leading digital asset firm.
The e-commerce platform has been investing in several crypto-related initiatives, with these being the latest ones.
Mercado Libre invests in Paxos and 2TM
The investment is one of the strategic ones made by the eCommerce platform. 2TM Group is the parent company behind Mercado Bitcoin. However, the firm has not disclosed the amount invested in 2TM. The other major investment is in Paxos, the digital asset company behind the Paxos stablecoin.
The eCommerce platform has shown a pro-crypto stand over the past few months. The Argentinian company has launched several initiatives that support the booming crypto industry in Central America.
The firm has stated that these crypto investments will “stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services to Latin American entrepreneurs and users.”
Andre Chaves, the Senior Vice President of Strategy and Corporate Development for Mercado Libre, commented on these investments saying, “Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and create a level, open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company.”
The executive vice president of Corporate Development at 2TM, Daniel Cunha, also commented on the move saying that the investment could have a major impact on the crypto and blockchain ecosystem in Latin America.
Mercado Libre’s venture into crypto
This is not the first time that Mercado Libre is investing in Paxos. Last year, the eCommerce firm partnered with Paxos to offer crypto services to Brazilian customers. The partnership unlocked the ability of Brazilian customers to buy, sell and hold various cryptocurrencies, including Bitcoin, Ether and the Paxos stablecoin, USDP.
Last year, Mercado Libre launched an offering for its customers to buy properties in Buenos Aires, Cordoba and Santa Fe using Bitcoin as a payment method. The firm also lists Bitcoin in its balance sheet, and it has added $7.8 million worth of BTC to its books as part of its treasury initiative.
Mercado Libre is one of the firms listed on NASDAQ. The firm trades under the ticker symbol MEDI. The firm’s venture into VBTC seems to be attracting more investors, as its share value increased by over 1% after news of the BTC purchase.
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Source: https://insidebitcoins.com/news/mercado-invests-an-undisclosed-amount-in-paxos-and-2tm