And on the other, it invested in Paxos, a blockchain infrastructure platform, which has the peculiarity of being regulated for its performance in the sector.
Paxos has been a partner of MercadoLibre since December 2021, since they allied themselves so that Mercado Pago began offering platform users in Brazil access through their MP digital accounts to cryptocurrency purchase, storage and sale operations. (bitcoin, ethereum and stablecoin USDP).
The system, which is only operational in Brazil at the moment, allows you to enter the crypto world with a minimum investment of 1 real, equivalent to less than 20 cents on the dollar.
All of these operations fit the melicoin project, according to market analysts. The idea would be to launch the virtual currency through a third party like Paxos, which is already regulated by the US SEC. That would make it easier for Mercado Libre to implement it, since it would not have to create an ad hoc structure to offer the new product and would limit its responsibility before the market.
On the other hand, they assure that the variant to be adopted by Meli would be a stablecoin, that is, a stable cryptocurrency, whose price is associated with the evolution of parameters that do not suffer the volatility that traditional cryptos have, since their objective would be in the long term. be a payment currency for transactions on the ecommerce platform.
From the company of Argentine origin they do not hide their interest in the phenomenon of digital currencies. This was made clear by Andrés Chaves, senior vice president of Strategy and Corporate Development at Mercado Libre: “As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, with the aim of being a key actor in this disruption. Cryptocurrencies and blockchain technology represent a unique, global and collective phenomenon that breaks down barriers and creates an open and level playing field for all consumers to achieve economic empowerment, which is very much in line with our mission as a company.”
Source From: Ambito
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