(Bloomberg) -- Latin American e-commerce powerhouse MercadoLibre Inc. is deepening its presence in the crypto world.
The company acquired shares of 2TM Participacoes SA, the Softbank Group Corp.-backed owner of the biggest cryptocurrency brokerage based out of Brazil, MercadoBitcoin.com. MercadoLibre also said it made a strategic investment in New York-based Paxos, a blockchain company that it had worked with to offer crypto investments to some clients.
It’s the latest move by the e-commerce and fintech firm as it expands its crypto footprint. Starting last year, Brazilian customers of the Buenos Aires-based firm are allowed to buy, sell and hold cryptocurrencies using their digital wallets, with plans to replicate the product in other Latin American markets.
The company’s treasury has made purchases of Bitcoin, and Marcos Galperin, its co-founder and chief executive officer, is among those who have been vocal about the potential of opportunities around cryptocurrencies.
MercadoLibre didn’t disclose the value for either of the transactions. The purchases reinforce the company’s “commitment to the development and use of crypto assets and blockchain technology in the region,” according to a statement. “With the investments, Mercado Libre also intends to stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services.”
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