Massive Investment From PayPal Leads Mercado Livre To Ban Cryptocurrency Listings

Massive Investment From PayPal Leads Mercado Livre To Ban Cryptocurrency Listings

Mercado Livre is the largest Latin American marketplace for e-commerce, based on the number of visitors alone. They recently were the benefactor of $750 million in investments from PayPal, but that is not the action that is getting the most attention. Instead, Mercado Livre is being publicized for their stance against cryptocurrency, as they have now banned crypto listing s on their platform.

The notice from Mercado Livre was given to users to request that they terminate any crypto-related listings on the website. The website added that all crypto listings on the platform will be terminated starting on March 19th and continuing indefinitely. At the same time, listings for “pre-paid cards for games” were banned, which was also official on March 19th. Presently, the services of Mercado Livre extend to Argentina, Bolivia, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, the Dominican Republic, Uruguay, and Venezuela.

Based on research from the local media regarding this e-commerce marketplace, the platform appears to have over 9,000 advertisements that include the phrase “criptomonedas.” “Criptomonedas is the Spanish word for cryptocurrency. There were over 5,000 listings that mentioned the word “bitcoin” and about 2,600 ads with the word “Ethereum.”

Banning cryptocurrency listings on this database coincides with an announcement from Banco BTG Pactual SA last month, which indicated that the largest Latin American standalone investment bank would be launching a security token. The bank aims to bring in $15 million with a security token offering, which will be tied to distressed estate assets in Brazil.

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