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Mexico’s second-largest eCommerce platform, Mercado Libre (marketplace), has added $7.8 million in bitcoin to its treasury. According to a company representative, “We’re talking about ~5% of our liquid assets. Our investment in cryptocurrency is part of our commitment to be at the cutting edge of technology, and offer our customers new solutions and ways to shop.”
Mercado Libre, the largest Latin American eCommerce platform, recently announced its support of Bitcoin. The move represents a major opportunity for Latin American merchants to begin using Bitcoin as a payment method to transact business with consumers around the globe. Merchants selling their goods on the platform will soon be able to receive payments from customers in bitcoin instantly, eliminating the need to convert Bitcoin to their local currency and incurring lower transaction fees than those that occur when using credit cards.
Mercado Libre, Latin America’s largest e-commerce platform, has disclosed to the US Securities and Exchange Commission (SEC) that it acquired $7.8 million worth of bitcoin in the first quarter of 2021. The report states:
As part of our cash strategy, this quarter we purchased $7.8 million of bitcoins, a digital asset that we book as part of our indefinite-lived intangible assets.
The purchase makes the Argentine company the first major Latin American company to purchase bitcoin for its vaults, joining an exclusive club of companies like MicroStrategy and Tesla that had previously told authorities they had BTC in their assets.
Last week, major Japanese game developer Nexon announced the purchase of 1,717 BTC worth about $100 million. Mercado Libre’s announcement makes it the 36th company to list in Bitcoin, according to Bitcoin Treasuries. Mercado Libre is traded on Nasdaq under the name MELI.
Mercado Libre bets on bitcoins
Apart from the official announcement, the link between the popular e-commerce portal and bitcoin is nothing new. As previously reported by Cointelegraph en Español, the company authorized the use of Bitcoin for its real estate vertical in the Argentine market in late April.
Moreover, Marcos Galperin, founder and former CEO of Mercado Libre, has publicly stated on several occasions that he has had bitcoin in his personal portfolio since 2013, and has expressed several optimistic opinions about the crypto-currency ecosystem in Latin America, even stating that he believes bitcoin is a better store of value than gold.
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