MercadoLibre will accept Bitcoin and cryptocurrencies for payment for all its products

The Latin American ecommerce platform chose Brazil to launch crypto payments via its MercadoPago app.
MercadoPago is the fintech arm for e-commerce giant MercadoLibre. It has made it possible for Brazilian customers to purchase, sell, and hold Bitcoin (BTC), Ether(ETH), and the Paxos-issued U.S. Dollar-backed stablecoin Pax Dollars (USDP). Paxos, a U.S.-based blockchain infrastructure platform, announced Thursday that the partnership between MercadoPago (the fintech arm of e-commerce giant MercadoLibre) and Paxos will allow users the ability to buy, sell, and hold Bitcoin (BTC), Ether (ETH), and the Paxos dollar-backed stablecoin Paxos Dollar ($USDP)–PaxosGlobal) December 2, 202121212121212221 @mercadopago, the largest payments provider in #LatAm, will offer Brazilian customers the ability to buy/sell/hold $BTC $ETH and the Paxos dollar #stablecoin $USDP #PoweredByPaxos– Paxos (@PaxosGlobal) December 2, 2021

This news marks the largest stablecoin operation in a non-crypto wallet. Brazilian users can now hold U.S. Dollars for as low as 1 Brazilian real via the MercadoPago App. This is possible by purchasing USDP. Stablecoins are a good option for those living in inflation-prone Latin America. Paxos and MercadoLibre have partnered to create a safe place for crypto in Latin America, which is the largest market. Since MercadoPago has been authorized by Brazil’s central banking to act as a payments institution, the overall operation of the platforms and integration will be handled by Paxos. According to Tulio Oliveira (Vice President of MercadoPago Brazil), Paxos has opened an office in Brazil to report users’ transactions to regulators. Since 1999, MercadoLibre has been serving underbanked and unbanked communities. MercadoPago, Paxos and other companies are working together to normalize stablecoin use and mainstream connectivity. Reserve, a platform that allows you to convert local currencies from Venezuela, Colombia and Argentina to U.S. Dollars via the Reserve (RSV stablecoin).

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