Mercado Libre (Nasdaq: MELI) has acquired a stake in Grupo 2TM, parent company of Mercado Bitcoin exchange among other companies in its blockchain-based portfolio, and has made a strategic investment in Paxos, a leading regulated blockchain infrastructure platform that enhances Mercado Pago’s cryptocurrency expertise in Brazil.
The value of the investments was not disclosed.
According to a Mercado Libre statement, the investments reinforce the company’s commitment to the development and use of digital assets and blockchain technology in the region.
With the investments, MercadoLibre also intends to stimulate the regional ecosystem, allowing it to offer products and services that are increasingly relevant to Latin American businessmen and consumers, who are at the center of its strategy.
Since December, through this association with Paxos, Mercado Pago offers Brazilian users access to the purchase, custody and sale of cryptocurrencies (Bitcoin, Ethereum and stablecoin USDP) through their digital accounts, with transactions starting as low as only R$1 (less than USD 0.2).
The statement also highlights that MercadoLibre has closely followed the evolution of digital assets and blockchain technology around the world. These partnerships and investments are one more example of the various measures taken to integrate into this dynamic ecosystem.
“Cryptocurrencies and blockchain technology represent a unique, global and collective phenomenon that breaks down barriers and creates an open and level environment for all consumers to achieve economic empowerment, which is very much in line with our mission as a company,” highlights André Chaves. , Senior Vice President of Strategy and Corporate Development of Mercado Libre for Latin America.
Furthermore, according to Chaves, ML, as a leading technology company, is actively evaluating the various innovations and opportunities around this market as it evolves, with the goal of being a central player in this disruption.
Free Market and Bitcoin Market
“We are delighted that MercadoLibre is joining 2TM and MercadoBitcoin as a shareholder. As a major player in Latin America’s technology and financial services industries, MercadoLibre can have a significant impact on the future development of cryptocurrencies and blockchain in the region, and we are excited to explore and work closely with the company to that end in the future,” says Daniel Cunha, Executive Vice President of Corporate Development at 2TM Group.
For his part, Walter Hessert, Head of Strategy at Paxos, added that MercadoLibre was the first major platform that gave its users access to cryptocurrencies and stablecoins in Brazil.
“This investment in Paxos is a strong sign of the company’s dedication to leading the adoption of digital assets, at scale, throughout Latin America. We are very pleased to have MercadoLibre as a partner and advisor,” he said.
The company also highlighted that Mercado Libre sees these initiatives in the universe of cryptocurrencies as additional ways to improve the experience of its users, contributing to financial education and facilitating access to new opportunities for financial growth, even outside the financial system.
“2TM and Paxos share our vision and conviction to continue innovating to offer solutions that improve people’s lives, create value and promote the development of our region. We want everyone to be able to access the cryptocurrency market in a simple and transparent way, that is our objective”, adds André.
André also highlights that, through the Meli Fund, its corporate investment fund, Mercado Libre actively invests and engages with its portfolio of exceptional and innovative companies, while unlocking synergies with its wide range of interconnected business units.