- Mercado Libre invests in 2TM and Paxos.
- The firm did not disclose the investment amount.
- The senior Vice President gave a statement about the investment.
Mercado Libre, the largest e-commerce company in Latin America bought shares in 2TM and also made a strategic investment in Paxos. As per reports, the company is committed to the development and use of crypto assets and blockchain technology in the entire region.
In addition, this is not the first time that Mercado Libre has partnered with Paxos. In December 2021, the e-commerce giant integrated Paxos’ blockchain infrastructure to allow users in Brazil to buy, sell and hold cryptocurrencies.
Moreover, the senior vice-president of Mercado Libre, Andre Chaves said in his statement:
As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, aiming to be a core participant in this disruption. Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and create a level, the open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company.
Furthermore, the company, which traded on Nasdaq under the symbol MELI, revealed a $7.8 million bitcoin acquisition as part of its treasury strategy in May 2021. But before the year-end, Mercado Bitcoin ended 2021 with a total of 3.2 million users.
At the same time, Mercado Bitcoin raised $250 million in 2021 and reached a valuation of $2.2 billion. In that year, its trading volume got up to $7.1 billion. In fact, with a presence in Brazil, it plans to expand into Argentina, Chile, Colombia, and Mexico, either organically or through acquisitions.