Mercado Pago Extends Its Cryptocurrency Services in Brazil

Mercado Pago, the integer payments institution related to Mercadolibre, has precocious announced the hold of the crypto services that it provides to users successful Brazil. The institution revealed it volition present let customers to deposit their ain cryptocurrencies done third-party services and wallets into their cryptocurrency integer wallet with nary outgo associated.

Mercado Pago to Allow Deposits From Third Party Services

Mercado Pago, the outgo processing work of Mercadolibre, 1 of the biggest e-tailers successful Latam, has announced it volition beryllium expanding the array of crypto-related services for Brazilian customers launched backmost successful November. The institution reported that it volition unfastened its level for customers to person deposits successful crypto coming from third-party services, including different exchanges and different integer wallets.

In a connection sent to Portal bash Bitcoin, Mercado Pago stated:

From today, it volition beryllium imaginable to person Bitcoin, Ethereum and Pax Dollar from different integer wallets done the Mercado Pago app. Last week, transfers wrong the app itself besides started to beryllium enabled.

This increases the functionality of Mercado Pago’s trading services, which earlier behaved arsenic a closed ecosystem, with users lone being capable to acquisition and merchantability crypto from wrong the app. Other companies similar Nubank, which uses Paxos arsenic a crypto services partner, besides run successful the aforesaid way.

The functionality of adding transfers betwixt crypto accounts wrong of Mercado Pago’s level was besides requested by customers, who tin present determination crypto without having to speech it for Brazilian fiat currency.

Withdrawals Still Not Available

While the institution started offering cryptocurrency services backmost successful November, it has yet to unfastened the strategy to let withdrawals from the level to different exchanges and wallets. About the contented of withdrawals, Osvaldo Gimenez, president of fintech astatine Mercado Pago, declared successful December that:

It’s conscionable a substance of clip earlier allowing withdrawals, we’ll past let transfers betwixt wallets. But the precedence was to springiness entree to concern successful cryptocurrencies.

However, six months aft that connection was made, determination is inactive nary mode of transferring immoderate of the cryptocurrencies disposable distant from Mercado Pago’s platform. The institution did not connection a clip framework successful which this work would beryllium made available.

Mercadolibre precocious partnered with Mastercard to usage its services to unafraid the transactions and little the risks progressive successful transacting connected the speech platform. The institution announced it would leverage Mastercard’s capabilities to debar wealth laundering and different related crimes connected the platform.

What bash you deliberation astir Mercado Pago’s hold of its cryptocurrency services successful Brazil? Tell america successful the comments conception below.