Mercado Pago, the digital payments company associated with Mercadolibre, recently announced the extension of its crypto services to users in Brazil. The company revealed that it will now allow customers to deposit their cryptocurrency through third-party services and wallets into their cryptocurrency digital wallet at no associated cost.
Mercado Pago to allow deposits from third party services
Mercado Pago, the payment processing service of Mercadolibre, one of the largest e-retailers in Latin America, has announced that it will expand the range of crypto-related services for Brazilian customers launched in November. The company stated that it will open its platform for customers to receive deposits in cryptocurrencies coming from third-party services, including other exchanges and other digital wallets.
In a statement sent to Portal do Bitcoin, Mercado Pago advertiser:
Starting today, it will be possible to receive Bitcoin, Ethereum and Pax Dollar from other digital wallets through the Mercado Pago app. Last week, it also started enabling transfers within the app itself.
This increases the functionality of Mercado Pago’s trading services, which previously operated as a closed ecosystem, where users were only able to buy and sell cryptocurrencies from within the app. Other companies such as Nubank, which uses Paxos as a partner for crypto services, operate in the same way.
Customers also requested the function of adding transfers between crypto accounts within the Mercado Pago platform, who can now transfer cryptocurrency without having to exchange it for Brazilian fiat currency.
Withdrawals are still not available
While the company started offering cryptocurrency services in November, it has not yet opened the system to allow withdrawals from the platform to other exchanges and wallets. On the issue of withdrawals, Osvaldo Jimenez, head of fintech at Mercado Pago, announce In December that:
It is only a matter of time before withdrawals are allowed, and we will then allow transfers between wallets. But the priority was to provide access to investing in cryptocurrency.
However, six months after this statement was issued, there is still a way to move any of the available cryptocurrencies away from the Mercado Pago platform. The company has not provided a time frame for the availability of this service.
Mercadoliber recently partnered with Mastercard to use its services to secure transactions and reduce the risks involved in transactions on the exchange. The company announced that it will leverage Mastercard’s capabilities to avoid money laundering and other related crimes on the platform.
What do you think about Mercado Pago’s extension of cryptocurrency services in Brazil? Tell us in the comments section below.
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