Mercado Libre invests in Paxos and Mercado Bitcoin exchange – The Times Hub

Mercado Libre invests in Paxos and Mercado Bitcoin exchange

The operator of Latin America’s largest e-commerce platform, Mercado Libre, announced a strategic investment in Paxos and the purchase of shares in 2TM Group, the parent company of the Mercado Bitcoin exchange.

Financial details not provided.

The investment strengthened Mercado Libre’s “commitment to the development and use of crypto assets and blockchain technologies in the region,” according to a press release.

In December, the company integrated Paxos infrastructure solutions into the developed Mercado Pago digital wallet. Its users were able to buy/sell Bitcoin, Ethereum and USDP.

In May 2021, Mercado Libre announced a $7.8 million acquisition of Bitcoin in the first quarter. In December, the group’s real estate platform added the ability to make transactions with digital gold.

Recall that in December, 2TM Group closed an extended Series B funding round for $50.3 million.

In July, the management company raised $200 million from SoftBank Latin America Fund, becoming the eighth largest unicorn in Latin America.

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