MercadoLibre has enabled bitcoin and cryptocurrency trading on its MercadoPago portmanteau for Chilean users.
The biggest e-commerce site in Latin America, MercadoLibre, has declared that it has made altcoin and bitcoin selling available to its customers in Chile.
Through the company’s MercadoPago wallet software, Chilean users will be able to purchase, trade, and store bitcoin thanks to the functionality. According to a remark made by Osvaldo Gimenez, President of MercadoLibre, on LinkedIn, this makes MercadoPago the first digital account in the nation to provide this kind of operation.
According to the statement, the move aims to lower obstacles to entry into Chile’s bitcoin market, making it more open to those with less experience or expertise in the area. It is anticipated that the procedure will be “very simple” and require “very low,” operating costs so that even inexperienced users can enter the market for the first time.
In November 2021, MercadoLibre first made the function available to its Brazilian users. This happened after the business spent $7.8 million on bitcoin in May 2021.