Latin America’s Largest E-commerce Platform Launching Bitcoin Trading In Chile

March 29, 2023 10:37 pm Comments

It was just revealed that MercadoLibre, the largest e-commerce platform in Latin America, will be launching Bitcoin and crypto trading in Chile.

This will be huge for mainstream adoption within the country because it allows people to utilize and store crypto without needing any prior experience.

Essentially, users will have access to a digital account that enables them to access the crypto market with very little work which will entice the platform’s large customer base to take advantage of the benefits of digital assets.

The fact that the largest ecommerce platform in Latin America is doing this speaks volume and many believe that many other ecommerce platforms will soon follow the trend.

It is expected that this will also happen to other countries as Chile is the third country behind Brazil and Mexico.

BitcoinMagazine reports:

The aim of the move is to eliminate barriers to accessing the cryptocurrency market in Chile, making it more accessible to people with less experience or knowledge in the field, the announcement said.

The process is expected to be “very simple” and with “very low,” minimum amounts to operate so that even novice users can take their first steps in the market.

“We continue to open the doors of the #cripto world for millions of users in the region: first Brazil and Mexico, and now also #MercadoPago users in Chile can buy, sell and save #Bitcoin,” Gimenez said in the translated statement.

MercadoLibre previously enabled the feature for its Brazilian customers in November 2021. This development came after the company purchased $7.8 million worth of bitcoin in May 2021.

Crypto trading within the platform will be enabled through the use of the platform’s digital wallet which is named the Mercado Pago.

All customers of the platform will have access to such a wallet and it allows users in Chile to trade both Bitcoin and Ether right now.

It is expected that other crypto tokens will soon be included in the future once further success is proven.

The minimum amount that is allowed is around 50 pesos which is equivalent to around 6 cents in USD which means that the service is pretty much available to everyone.

Growth of the platform is expected to continue as a result of this launch as well as the growth of the crypto industry in Latin America.

CoinDesk concludes:

According to Gimenez, more than 2 million users have traded crypto on Mercado Pago in Brazil since December 2021, while more than 150,000 did so in the first month after the launch of that feature in Mexico.

“Entering the crypto business is another step to continue transforming and expanding access to financial services in Chile and Latin America,” said Matías Spagui, senior director of Mercado Pago in Chile.

“Through this new service, we seek to give millions of Chileans access to the crypto world in an educational, secure and simple way, in order to generate greater financial inclusion.”

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.