By
Bena Ilyas
April 16th, 2024
The minimum amount to start trading BTC and ETH in Chile is 50 Chilean pesos (equivalent to about 6 cents). The service is provided by Mercado Libre in partnership with Latin American crypto company Ripio.
Mercado Libre Inc (NASDAQ: MELI), the largest e-commerce company in Latin America with a market cap of $61.56 billion, has announced expanding its crypto trading services to Chile. As Mercado Libre President Osvaldo Gimenez stated in a LinkedIn post, users in Chile can now buy, sell and save Bitcoin (BTC) and Ethereum (ETH) from the Mercado Pago wallet app.
Using the Mercado Pago app is easy, transactions can be completed directly through the app, and users are able to buy cryptocurrencies with money available in Mercado Pago’s digital account.
Osvaldo Gimenez stated:
“We eliminate barriers to access to the #criptomonedas market, through a very simple operation from the app and with minimum amounts to operate very low, so that even users with less experience or knowledge can take their first steps.”
Back in December 2021, when the service was launched, only Brazilian users could enjoy it. At that time, Mercado Pago even launched a crypto educational campaign in order to help its customers learn more about crypto. Further, in November 2022, Mercado Pago entered the Mexican market, where the first month of operation brought as many as 150 thousand users to the app.
In Chile, Mercado Libre is the first one to offer this type of crypto operation in the country.
Matías Spagui, senior director of Mercado Pago in Chile, commented:
“Entering the crypto business is another step to continue transforming and expanding access to financial services in Chile and Latin America. Through this new service, we seek to give millions of Chileans access to the crypto world in an educational, secure and simple way, in order to generate greater financial inclusion.”
The minimum amount to start trading BTC and ETH in Chile is 50 Chilean pesos (equivalent to about 6 cents). The service is provided by the company in partnership with Latin American crypto company Ripio.
About Mercado Libre
Mercado Libre provides tools for buying, selling, and paying, as well as collecting, generating leads, and comparing lists through e-commerce transactions. Founded by Marcos Eduardo Galperin back in 1999, Mercado Libre has now a presence in 18 countries, including Spain, Argentina, Brazil, Mexico, Paraguay, Colombia, Chile, Venezuela, Peru, and more. The company operates under five main business units. MarketPlace is a platform for users to sell products. Further, Mercado Pago is an online payment platform. Mercado Publicado is the advertising unit of Mercado Libre. The company also offers Mercado Shops – a tool designed to enhance the platform’s overall ecosystem. Finally, Mercado Crédito is the company’s credit line.
In May 2021, MercadoLibre disclosed a $7.8 million Bitcoin purchase.
Marcos Galperin, Mercado Libre co-founder and CEO, said that “cryptocurrencies are here to stay. They have a very important role, not so much as a means of payment but as a store of value.”
The company believes that cryptos are great alternatives to traditional finance.