Mercado Libre has acquired shares in 2TM Group, the parent company of MercadoBitcoin.com, in an attempt to show more commitment in crypto asset development, the company announced Thursday (Jan. 20).
The company also invested in blockchain infrastructure platform Paxos, which powers the Mercado Pago crypto in Brazil. Neither of the investment amounts were disclosed.
Per the release, Mercado Libre will “stimulate the regional ecosystem,” allowing it to offer more relevant products to Latin American entrepreneurs and users.
Additionally, Mercado Pago, through the partnership with Paxos, has been offering crypto access since December.
The release notes that Mercado Libre has been looking into digital assets and blockchain globally, with the new partnerships showing how it’s trying to engage in that, according to Andre Chaves, senior vice president of strategy and corporate development for Mercado Libre.
“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,” Chaves said. “Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and creates a level, open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company.”
PYMNTS wrote recently that Mercado Libre purchased Chilean payments service provider Redelcom, which will seek to “consolidate its value proposition in Chile and enhance the growth of its multiple payment tools and digital financial solutions.”
Read more: Mercado Libre Acquires POS Provider Redelcom
The company said this would help it to democratize Latin American trade and finance, helping to cut down financial inclusion gaps and boost both people and small businesses.
Both companies are point of sale (POS) market players and have sold over one million terminals during the third quarter.
The Redelcom POS takes payments from all debit and credit cards from the globe and gives merchants tools to manage money — including a way to get electronic receipts from the IRS.
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