Mercado Pago Extends Its Cryptocurrency Services in Brazil

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

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

This increases the functionality of Mercado Pago’s trading services, which before behaved as a closed ecosystem, with users only being able to purchase and sell crypto from within the app. Other companies like Nubank, which uses Paxos as a crypto services partner, also operate in the same way.

The functionality of adding transfers between crypto accounts inside of Mercado Pago’s platform was also requested by customers, who can now move crypto without having to exchange it for Brazilian fiat currency.

It’s just a matter of time before allowing withdrawals, we’ll then allow transfers between wallets. But the priority was to give access to investment in cryptocurrencies.

However, six months after that statement was made, there is still no way of transferring any of the cryptocurrencies available away from Mercado Pago’s platform. The company did not offer a time frame in which this service would be made available.

What do you think about Mercado Pago’s extension of its cryptocurrency services in Brazil? Tell us in the comments section below.

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