Nasdaq-listed Argentine retail and technology giant, Mercado Libre has announced its strategic investment in 2TM Group, the parent company of MercadoBitcoin.com and Paxos, for an undisclosed amount of money. As announced by the company, the investments reinforce its belief in the fast-growing cryptocurrency industry, as well as its commitment to the growth of the ecosystem in Latin America.
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“As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, aiming to be a core participant in this disruption. Digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and creates a level, open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company,” highlights Andre Chaves, Senior Vice President of Strategy and Corporate Development for Mercado Libre.
Mercado Bitcoin is one of the prominent digital currency trading platforms in the region, while Paxos is a global player in the crypto ecosystem as well as a strategic partner for Mercado Libre. The investment in the two established companies will help the retail giant advance its goal of stimulating the crypto ecosystem, “allowing it to offer increasingly relevant products and services to Latin American entrepreneurs and users, who are at the heart of its strategy.”
Boosting Crypto Education, Awareness, and Adoption
The strategic investment in both 2TM Group and Paxos will also help advance Mercado Libre’s purpose of democratizing commerce and financial services. The injected funding will arguably be directed to improving the experience of its users, contributing to financial education, and facilitating access to new opportunities for financial growth.
“2TM and Paxos share this vision and our conviction to continue innovating to offer solutions which improve people’s lives, generate value and drive the development of our region. We want everyone to be able to access the digital assets market in a simple and transparent way, this is our goal,” adds Andre.
It is not uncommon for retail firms to wade into the digital currency ecosystem. Konzum, one of Croatia’s biggest supermarket chains, ventured into the digital currency ecosystem back in December 2021 when it integrated digital currency payments for Bitcoin and a host of other altcoins as reported by TheCoinRise at the time.
With the growing popularity of cryptocurrencies, it is becoming a more common occurrence for established firms to tag along by investing in the nascent industry, with more billed to follow the trend in the near future.
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