Mercado Pago Extends Its Cryptocurrency Services in Brazil – Bitcoin News

Mercado Pago, the digital payments company related to Mercadolibre, recently announced the expansion of the crypto services it offers to users in Brazil. The company revealed it will now allow customers to deposit their own cryptocurrencies through third-party wallets and services into their crypto wallets with no associated costs.

Mercado Pago allows deposits from third-party services

Mercado Pago, the payment processing service of Mercadolibre, one of the largest e-account sellers in Latam, has announced that it will expand its crypto-related services to Brazilian customers. launched back in november. The company has reported that it will open its platform for customers to receive crypto deposits coming from third-party services, including other exchanges and other digital wallets.

In a statement sent to Portal due to Bitcoin, Mercado Pago stated:

From today, it is possible to receive Bitcoin, Ethereum and Pax Dollar from other digital wallets through the Mercado Pago app. Last week, the transfer feature in the app itself also started to be enabled.

This enhances the functionality of Mercado Pago’s trading services, which previously operated as a closed ecosystem, with users being able to buy and sell cryptocurrencies only from within the app. Other companies like Nubank, which use Paxos as a crypto service partner, operate in a similar way.

The added functionality of transferring funds between crypto accounts within Mercado Pago’s platform was also requested by customers, who can now transfer crypto without having to convert it to Brazilian fiat currency.

Withdrawal still not available

Although the company started offering crypto services in November, the company has yet to open the system to allow withdrawals from the platform to other exchanges and wallets. Regarding withdrawals, Osvaldo Gimenez, president of fintech at Mercado Pago, declare in December that:

It’s only a matter of time before we allow withdrawals, then we will allow transfers between wallets. But the priority is to grant investment access to cryptocurrencies.

However, six months after that statement was made, there is still no way to transfer any of the available cryptocurrencies off of Mercado Pago’s platform. The company did not give a timeframe in which the service will be provided.

Mercadolibre recently co-operate with Mastercard to use its services to secure transactions and reduce the risks associated with trading on the exchange platform. The company claims to leverage Mastercard’s ability to avoid money laundering and other related crimes on the platform.

What do you think of Mercado Pago’s expansion of crypto services in Brazil? Let us know in the comments section below.

Sergio Goschenko

Sergio is a crypto journalist based in Venezuela. He describes himself as a latecomer to the game, entering the crypto world when the price surge occurred in December 2017. Has a computer engineering background, lives in Venezuela and was affected by the outbreak. Exploding cryptocurrency on a social level, he offers a different perspective on the success of cryptocurrency and how it helps the unbanked and underserved.

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