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Mercado Libre Enables Cryptocurrency Transactions in Chile through Digital Wallet

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According to reports, Mercado Libre, the largest e-commerce company in Latin America, has enabled cryptocurrency transactions in Chile through its digital wallet, Mercado Pago. Use

Mercado Libre Enables Cryptocurrency Transactions in Chile through Digital Wallet

According to reports, Mercado Libre, the largest e-commerce company in Latin America, has enabled cryptocurrency transactions in Chile through its digital wallet, Mercado Pago. Users of Mercado Pago in Chile can now trade Bitcoin and Ethereum for as little as 50 Chilean pesos (equivalent to $0.063). Mercado Pago partnered with Latin American cryptocurrency company Ripio to provide transaction functionality. The company previously launched cryptocurrency transactions in Brazil in December 2021 and launched the same service in Mexico the following year. Osvaldo Gimenez, head of financial technology at Mercado Libre, said that since December 2021, more than 2 million users have conducted cryptocurrency transactions on Mercado Pago in Brazil, while in the first month after the launch of the feature in Mexico, more than 150000 users have conducted transactions.

Mercado Libre enables cryptocurrency transactions in Chile through a digital wallet, Mercado Pago

Introduction

In a recent development, Mercado Libre, the largest e-commerce company in Latin America, has enabled cryptocurrency transactions in Chile through its digital wallet, Mercado Pago. This move is a part of the company’s expansion towards digital currencies and will allow Chilean users to trade Bitcoin and Ethereum for as little as 50 Chilean pesos ($0.063). The company has partnered with Latin American cryptocurrency company Ripio to provide transaction functionality.

Mercado Pago’s Cryptocurrency Expansion

This is not the first time that Mercado Pago has enabled cryptocurrency transactions. The company launched this service in Brazil in December 2021 and in Mexico the following year. Since the launch of this feature in Brazil, more than 2 million users have conducted cryptocurrency transactions on Mercado Pago.

How it Works

Users need to download the Mercado Pago app and set up a digital wallet. Once the wallet is set up, the user can buy or sell Bitcoin and Ethereum using the wallet’s cryptocurrency tab. Transactions can be completed using Chilean pesos, and users can also withdraw funds into a bank account.

Benefits of Cryptocurrency Transactions

Cryptocurrency transactions offer several benefits over traditional payment methods, including lower transaction fees and quicker processing times. This allows users to save money and time when sending or receiving payments. Additionally, cryptocurrency transactions are more secure, as they use encryption to protect user data.

Future of Cryptocurrencies in Latin America

The expansion of cryptocurrency transactions in Latin America is a part of a broader movement towards digital currencies in the region. In recent years, several Latin American countries have adopted cryptocurrencies as legal tender, including El Salvador and Paraguay. This development is likely to drive more companies to offer cryptocurrency payment options in the region.

Conclusion

Mercado Libre’s move to enable cryptocurrency transactions in Chile is another step towards the company’s expansion into digital currencies. Users in Chile can now trade Bitcoin and Ethereum using Mercado Pago’s digital wallet, adding another payment option for consumers in the region. Cryptocurrency transactions offer several benefits over traditional payment methods, including lower transaction fees, quicker processing times, and enhanced security.

FAQs

Q1. How can I buy or sell Bitcoin and Ethereum using Mercado Libre’s digital wallet?
A1. Users need to download the Mercado Pago app and set up a digital wallet. Once the wallet is set up, the user can buy or sell Bitcoin and Ethereum using the wallet’s cryptocurrency tab.
Q2. Can I withdraw funds from Mercado Pago’s digital wallet?
A2. Yes, users can withdraw funds from the wallet into a bank account.
Q3. What are the benefits of cryptocurrency transactions?
A3. Cryptocurrency transactions offer several benefits over traditional payment methods, including lower transaction fees, quicker processing times, and enhanced security.

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