There is a lot of happenings going on in Brazil regarding the Crypto arena. The largest e-commerce company of Latin America, Mercado Libre, has invested in holding company 2TM and blockchain infrastructure company Paxos. However, 2 TM happens to be the holding company for Brazil’s largest crypto exchange Mercado Bitcoin.
Further, according to the recent statement by the company, this is “a strategic investment” as it buys shares of 2TM and Paxos. This is an attempt to reinforce Mercado Libre’s “commitment to the development and use of crypto assets and blockchain technology in the region,” the statement reads.
The E-Commerce Giant and Paxos
The relationship between Mercado Libre and Paxos is not new. Last December 2021, the e-commerce company joined hands with Paxos to allow its users to allow the user to its digital wallet, known as Mercado Pago. The function of this digital wallet is to buy and sell bitcoin, ether, and the stable coin Pax dollar in Brazil. The minimum amount required is 1 Brazilian real.
“We are actively evaluating the various innovations and opportunities around this market as it evolves. We are aiming to be a core participant in this disruption. Digital assets and blockchain technology represent a unique, global and collective phenomenon.
these breaks barriers and creates a level, open playing field for all users to achieve economic empowerment”Andre Chaves, Senior Vice-President At Mercado Libre
Mercado Libre and its love for Crypto
In May 2021, a lot of eyebrows were raised as the e-commerce giant, disclosed a $7.8 million bitcoin purchase. Last month, its Argentine real estate platform launched a special section for the sale and purchase of properties with bitcoin.
Furthermore, Mercado Bitcoin reached the $2.2 billion valuation mark as it raises $250 million in 2021. The company has further plans to expand into Argentina, Chile, Colombia, and Mexico.