In a new stage of its mission to democratize financial services in Latin America, Mercado Pago announced it will launch a service allowing millions of Brazilians to purchase, hold and sell cryptocurrencies starting in December. This is an initiative in partnership with Paxos, a qualified custodian and blockchain infrastructure platform, which will facilitate the integration with the Mercado Pago account and manage operations by using blockchain technology. Without leaving the Mercado Pago application, users will be able to track the price, as well as purchase and sell three cryptocurrencies: Bitcoin, Ethereum and the Pax Dollar (USDP) stablecoin.
“This is an important milestone for Mercado Pago, which continues its trajectory of democratizing finance and bringing cryptocurrencies to the masses. From the account, we want to accompany our users as they embrace the crypto paradigm, which is becoming increasingly more relevant in global finance. Supported by the quick and secure experience of our platform, we will offer simplified access to crypto assets”, says Osvaldo Giménez, CEO of Mercado Pago.
Transactions with Bitcoin, Ethereum and USDP can be carried out with money available in the Mercado Pago account, with amounts as low as R$ 1. Through the Mercado Pago app, users will have access to educational content, both through informative screens about each currency, as well as content hosted on the Conexão Mercado Pago blog. The content will address the crypto assets ecosystem, as well as the opportunities and risks associated with cryptocurrency investing.
“With this first step into the crypto universe, we want to contribute to a great evolution in education and financial inclusion for the Brazilian population. We will follow our users’ experience closely, helping them to improve their experience with cryptocurrency investing by providing educational support so they can make the best decisions. The complete management of crypto can be carried out from a free account, thus facilitating access to new opportunities for financial growth, especially for those currently outside the financial system”, added Tulio Oliveira, Vice President of Mercado Pago in Brazil.
Walter Hessert, Head of Strategy for Paxos, added, “This is a transformative moment for Latin America. Mercado Pago will be able to offer a seamless access to crypto and stablecoins for more than million Brazilians. This will accelerate mainstream adoption of cryptocurrency and stablecoins across the continent. We are thrilled to partner with Mercado Pago to make it possible”.