Argentinian firm Mercado Libre took over shares in the 2TM Group, the parent company of MercadoBitcoin.com, amongst others in its blockchain portfolio, and made a planned investment in Paxos, a vital structured blockchain infrastructure portal that enhances the Mercado Pago cryptocurrency experience in the Brazilian geography.
The investments, whose principles were not divulged, underpin Mercado Libre’s obligation to the enhancement and utilization of cryptocurrency assets and blockchain technology in the area. With the investments, Mercado Libre also strives to inspire the regional ethos, allowing it to deliver enhanced applicable products and services to Latin American entrepreneurs and consumers, who are at the bosom of its strategy.
MercadoBitcoin.com is Latin America’s pioneering digital assets exchange and Paxos is an international trailblazer in the cryptocurrency space and an eminent partner of Mercado Libre in the territory. Since December 2021, through this collaboration with Paxos, Mercado Pago has been delivering Brazilian consumers access to purchasing, holding, and selling cryptocurrencies (Bitcoin, Ethereum, and Stablecoin) via their digital accounts, with transactions commencing at merely BRL 1 (less than USD 0.20).
Mercado Libre has been meticulously following the evolution of digital assets and blockchain technology across the world. These collaborations and investments are merely examples of the numerous steps taken to absorb this versatile ecosystem.
Senior Vice President of Strategy and Corporate Development for Mercado Libre, Andre Chaves, highlighted that a trailblazing tech firm, they were stalwartly assessing the several innovations and prospects in the market as it evolves, striving to be a core partaker in this disruption. Digital assets and blockchain technology embody a unique, global, and collective phenomenon that disrupts barriers and fabricates a standard of an open playing field for all its users to accomplish economic satisfaction, which resonates with Mercado Libre’s mission as a firm.
Executive Vice President of Corporate Development at 2TM Group, Daniel Cunha, stated that they were enthusiastic to have Mercado Libre joining 2TM and MercadoBitcoin.com as a stakeholder. As a chief player in the Latin American technology and monetary services sector, Mercado Libre can have a noteworthy impact on the further enhancement of cryptocurrency and blockchain in the region, Cunha stated.
Head of Strategy at Paxos, Walter Hessert, stated that Mercado Libre was the foremost major portal to bring cryptocurrency and Stablecoin accessibility to its utilizers in Brazil. This investment is a robust signal of the firm’s commitment to the pioneering mainstream implementation of digital assets throughout Latin America.
Resonating with its purpose of democratizing commerce and financial services, Mercado Libre witnesses these initiatives in the cryptocurrency space as extra pathways to enhance the experience of its users, delivering to financial education and fabricating access to new-fangled prospects for monetary growth, including those who are beyond the financial system’s reach.
Andre added that 2TM and Paxos share this vision and that Mercado Libre’s conviction was to constantly innovate and deliver solutions that enhance people’s lives, generate worth, and steer the development of the region. The firm strived to access the digital assets market in a modest and crystal-clear manner.
Via the Meli Fund, Mercado Libre’s Corporate Venture Capital wing invests and actively engrosses with its portfolio of outstanding and innovative firms alongside unlocking collaborations with its expanded array of interlinked business units.
About Mercado Libre
Founded in 1999, Mercado Libre is pioneering e-commerce and digital financial services tech firm in LatAm, with a presence in 18 nations. It delivers comprehensive services so that individuals and firms can purchase, sell, advertise, retrieve credit and insurance, collect, save, send money, and pay for goods and services in both physical and online stores.
Mercado Libre strives to democratize commerce and financial services in Latin America, a market that delivers great prospects and vast growth potential. It applies world-class technology to fabricate intuitive solutions adapted to the local culture to change the lives of several people in the territory.
About 2TM Group
The 2TM Group is a Brazilian cryptocurrency native holding firm managing an array of digital asset services and solutions. Mercado Bitcoin, Latin America’s biggest cryptocurrency exchange, is the most eminent jewel in its portfolio. In the first five months of 2021, the exchange administered transactions calculating close to USD 5 billion in volume.
Sister firms are inclusive of Meubank, a multi-asset wallet and account service presently waiting for a Brazilian Central Bank license, Mezapro, a firm providing services to institutional investors, Bitrust, a competent digital custodian, Clearbook, an equity crowdfunding portal, MBDA, an asset tokenizer, and the Blockchain Academy, the conglomerate’s educational wing.
Paxos is the foremost regulated blockchain infrastructure portal. Its products are the basis for a new-fangled, open financial system that can function faster and more efficiently. At present, trillions of dollars are locked in inefficient, old-fashioned financial plumbing that is remote to several people. Paxos is restructuring the financial system to allow assets to instantly move anywhere in the world, at any time, in a trustworthy manner.
Paxos utilizes technology to custody, tokenize, trade, and settle assets. The firm fabricates enterprise blockchain solutions for entities like PayPal, Interactive Brokers, Bank of America, Mercado Libre, Societe Generale, Credit Suisse, and ABN AMRO. Paxos is a top-financed firm with over USD 540 million elevated from pioneering investors inclusive of Declaration Partners, Oak HC/FT, PayPal Ventures, and Mithril Capital. With offices in London, Singapore, and New York, Paxos takes an international approach to revolutionize the monetary system.