As Latin America’s leading e-commerce technology company, Mercado Libre is focused on democratizing access to commerce and financial services in a region with a high percentage of underbanked individuals. To help achieve this goal, they decided to look for a way to offer crypto to their users and ultimately selected Paxos as their crypto partner.
To learn how Mercado Libre built their solution with Paxos – including why they selected Paxos, why they chose to list USDP, the functionality of their app, how they chose to rollout their solution and more – check out the Mercado Libre case study.
Mercado Libre launched their crypto solution in January 2022, and since then have experienced three huge wins:
- Upon launch, Mercado Libre became the first fintech to make crypto accessible to all Brazilians
- Mercado Libre’s launch represented the single largest enablement of stablecoins within a non-crypto wallet to date. By listing USDP, Mercado Libre provides an easy and direct way for its users to access US dollars—all in just a few clicks
- After launch, Mercado Libre continued to see incredible success and eclipsed 1 million users of its crypto wallet in the first 60 days, with more people trading crypto using the app than on the Brazilian stock exchange
While the results Mercado Libre experienced speak to both the innovation of the company and the demand for access to crypto from its customers, they credit their partnership with Paxos.
“Paxos’ commitment to deadlines and efforts from the entire team to launch without delays helped us become the first big wallet in Brazil to launch a crypto service.”
– Guilherme Cohn, Senior Manager Corporate Development, Mercado Libre
For more information on Mercado Libre’s partnership with Paxos: