- The deal strengthens the company’s presence in the crypto space, boosting its development and adoption in the region.
- Paxos powers the Mercado Pago cryptocurrency transaction experience for its Brazilian users.
Montevideo, Uruguay, January 20, 2022 (GLOBE NEWSWIRE) — Free market (Nasdaq: MELI) acquired shares in 2TM Group, parent company of MercadoBitcoin.com among others in its blockchain-based wallet, and made a strategic investment in Paxos, a regulated blockchain infrastructure platform from foreground that powers the Mercado Pago cryptocurrency experience in Brazil. The investments, the values of which have not been disclosed, reinforce Mercado Libre commitment to the development and use of crypto assets and blockchain technology in the region. With investments, Free market also intends to energize the regional ecosystem, enabling it to offer ever more relevant products and services to Latin American entrepreneurs and users, who are at the heart of its strategy.
MercadoBitcoin.com is Latam’s primary digital asset exchange and Paxos is a global crypto leader and current partner of Free market In the region. Since December, thanks to this partnership with Paxos, Mercado Pago offers Brazilian users access to buy, hold and sell cryptocurrencies (Bitcoin, Ethereum and stablecoin USDP) through their digital accounts, with transactions starting at just R$1 (less than $0.20).
Free market closely follows the evolution of digital assets and blockchain technology in the world. These partnerships and investments are just another example of the many steps taken to engage with this dynamic ecosystem. “As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, with the goal of being a central player in this disruption of digital assets and the blockchain technology represent a unique, global and collective phenomenon that breaks down barriers and creates an equal and open playing field for all users to achieve economic empowerment, which is very much in line with our mission as a company” , highlighted Andre ChavesSenior Vice President of Strategy and Corporate Development for Free market.
“We are delighted to have Free market join 2TM and MercadoBitcoin.com as a shareholder. As a key player in the latams technology and financial services industries, Free market can have a significant impact on the further development of crypto and blockchain in the region, and we are excited to explore and work closely with the company to that end in the future,” says Daniel CunhaExecutive Vice President of Corporate Development at 2TM Group.
Walter HessertChief Strategy Officer at Paxos, added: “Mercado Libre was the first major platform to offer crypto and stablecoin access to its users in Brazil. This investment is a strong signal of the company’s commitment to leading the widespread adoption of digital assets in Latin America. We are delighted to have Free market as a partner and investor.
In line with its objective of democratizing trade and financial services, Free market sees these initiatives in the crypto space as additional avenues to improve the experience of its users, contribute to financial education, and facilitate access to new opportunities for financial growth, including those outside the financial system . “2TM and Paxos share this vision and our conviction to continue innovating to offer solutions that improve people’s lives, generate value and stimulate the development of our territory. We want everyone to be able to access the digital asset market in a simple and transparent way, that is our goal,” adds André.
Through the Meli Fundhis Corporate venture capital arm, Free market actively invests and engages with its portfolio of exceptional and innovative businesses while unlocking synergies with its wide range of interconnected business units. It is this vision that guarantees its key role within the entrepreneurial ecosystem of Latin Americawhere it directly affects hundreds of thousands of entrepreneurs and micro and small businesses.
On Free market
Founded in 1999, Free market (NASDAQ: MELI) is the technology leader in e-commerce and digital financial services in Latin America, with a presence in 18 countries. It offers a complete ecosystem of solutions enabling individuals and businesses to buy, sell, advertise, obtain credit and insurance, collect, send money, save and to pay for goods and services online and in physical stores. Free market aims to democratize trade and financial services Latin America, a market that offers great opportunities and strong growth potential. It applies world-class technology to design intuitive solutions tailored to the regional culture to transform the lives of millions of people in the region. More information on http://investor.mercadolibre.com/
About 2TM Group
2TM Group is a native Brazilian crypto holding company that manages a range of digital asset services and solutions. Mercado Bitcoin, the largest cryptocurrency exchange in Latin America, is the crown jewel of its portfolio. In the first five months of 2021, the exchange processed transactions totaling almost $5 billion in volume. Sister companies include Meubank, a multi-asset wallet and account service currently awaiting a Central Bank of Brazil license, Bitrust, a qualified digital custodian, Clearbook, a crowdfunding platform, MBDAan asset tokenizer, Mezapro, which provides services to institutional investors, the Blockchain Academy, the educational arm of the group. For more information, visit: www.2tmgroup.com
Paxos is the first regulated blockchain infrastructure platform. Its products are the foundation of a new open financial system that can work faster and more efficiently. Today, billions of dollars are locked away in inefficient and outdated financial plumbing, inaccessible to millions of people. Paxos is reforming the financial system to allow assets to move instantly anywhere in the world, anytime, reliably. Paxos uses technology to tokenize, hold, exchange and settle assets. He builds enterprise blockchain solutions for institutions like PayPalinteractive brokers, Free market, Bank of America, Credit Suisse, Societe Generale and ABN AMRO. Paxos is a top-funded fintech company with over $540 million raised from leading investors including Oak HC/FT, Statement Partners, Mithril Capital and PayPal Businesses. With offices at New York, London and SingaporePaxos takes a holistic approach to modernizing the financial system.
Free marketvanessa rivas: [email protected]
Group 2TMEvando Nogueira: [email protected] | + 55 11 99655-1169Valeria Masson: [email protected] | + 55 11 95651-7474
PaxosBecky McClain: [email protected]
Source: MercadoLibre, Inc.