Mercado Libre, one of the biggest Latam retailers, has plans to expand its cryptocurrency services to include more countries in the zone.
these services in Brazil, managed to enroll a million customers in these alternative investment options during the first two months of their implementation. The service uses USDP, a stablecoin backed by Paxos, a New York-based financial services company, as its only dollar-pegged stablecoin.However, Gimenez did not specify a timeline for the announced expansion, nor which countries would be included in this expansion phase.
Due to the current state of the regional economy, many Latam countries suffering from high inflation and devaluation, like Argentina, are turning to crypto and stablecoins as a way of maintaining their buying power. Gimenez talked about the importance of these instruments on the platform that Mercado Pago offers. He stated:It is an alternative investment opportunity that we find very interesting and generates a lot of interest from users.
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