Mercado Libre, the leading e-commerce platform in Latin America, is making waves in the digital finance space with the launch of cryptocurrency trading in Chile through its payment arm, Mercado Pago. In a strategic move to expand financial inclusion and digital asset accessibility, Mercado Pago has partnered with Ripio, a prominent Latin American fintech firm, to offer seamless crypto trading for Chilean users.
This development marks a pivotal moment for cryptocurrency adoption in the region, as more consumers gain access to digital assets through trusted, user-friendly platforms. With support for major cryptocurrencies such as Bitcoin, Ethereum, and various stablecoins, Mercado Pago is positioning itself as a gateway for everyday users to enter the world of decentralized finance.
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Expanding Access to Digital Assets in Latin America
Mercado Pago’s entry into Chile’s crypto market follows successful launches in Brazil and Mexico. The service first rolled out in Brazil in 2021, where it quickly gained traction among users eager to explore digital currencies. By early 2022, the platform expanded into Mexico, reportedly attracting up to 150,000 new users within just the first month of operation.
Now, with its Chilean debut, Mercado Pago aims to replicate this growth trajectory. Osvaldo Gimenez, President of Mercado Pago, emphasized the company's mission to democratize access to crypto:
“We continue opening the doors to the #cripto world for millions across the region—first in Brazil and Mexico, and now Chilean #MercadoPago users can buy, sell, and hold #Bitcoin and #Ethereum directly through the app.”
He highlighted that one of the key advantages of the platform is its low barrier to entry—users can start with minimal investment and perform simple transactions within the app. This ease of use is particularly beneficial for individuals with limited prior knowledge of blockchain technology or digital assets.
Strategic Partnership with Ripio
The collaboration with Ripio plays a crucial role in enabling secure and compliant crypto trading in Chile. As a well-established player in Latin America’s fintech ecosystem, Ripio brings technical expertise and regulatory experience that support Mercado Pago’s expansion.
Together, they have co-developed Mercado Coin, an Ethereum-based ERC-20 token designed to enhance utility within the Mercado Libre ecosystem. While details about its specific use cases are still emerging, the introduction of a proprietary token signals a deeper integration of blockchain technology into Mercado Libre’s long-term financial strategy.
This partnership also reflects a broader trend: traditional financial platforms increasingly embracing crypto infrastructure to meet evolving consumer demands.
Regulatory Progress in Chile
One of the most significant enablers of this launch has been recent regulatory advancements in Chile. After years of legal uncertainty, cryptocurrency exchanges in the country have now been permitted to open bank accounts through financial institutions that have established service agreements with them.
This shift removes a major operational hurdle for crypto businesses, allowing for smoother fiat-to-crypto onboarding and improved liquidity management. Additionally, the Central Bank of Chile announced a strategic initiative last year to explore the potential issuance of a central bank digital currency (CBDC)—a move that underscores the government’s recognition of digital assets as a critical component of the future financial landscape.
These developments create a more favorable environment for companies like Mercado Pago to operate confidently and scale their offerings.
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Why This Matters for Financial Inclusion
Mercado Libre’s move goes beyond mere commercial expansion—it represents a step toward greater financial inclusion in Latin America. Millions of unbanked or underbanked individuals across the region now have access to digital financial tools through mobile-first platforms like Mercado Pago.
By integrating crypto trading into an app already used by millions for daily payments and shopping, Mercado Libre lowers the complexity typically associated with entering the crypto space. Users don’t need separate wallets or exchange accounts—they can manage both traditional and digital assets in one place.
Moreover, the ability to transact in stablecoins offers protection against local currency volatility, which is especially valuable in economies prone to inflation.
Competitive Landscape: Coinbase Eyes Regional Growth
Mercado Libre isn’t alone in recognizing Latin America’s potential. Global giant Coinbase has also set its sights on the region, recently announcing plans to establish a technology center focused on Latin American markets. While initially concentrating on Brazil, Coinbase intends to expand further into countries like Chile, Colombia, Mexico, and Argentina, potentially through strategic acquisitions.
This growing interest from international players validates the region’s importance in the global crypto economy and may accelerate innovation and competition—ultimately benefiting consumers.
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Frequently Asked Questions (FAQ)
Q: What cryptocurrencies can I trade on Mercado Pago in Chile?
A: Users can currently buy, sell, and store Bitcoin (BTC), Ethereum (ETH), and select stablecoins directly within the Mercado Pago app.
Q: Is there a minimum amount required to start trading?
A: Yes, but it’s designed to be accessible—users can begin with very small amounts, making it easier for beginners to enter the market without significant upfront investment.
Q: Is Mercado Coin available for public trading?
A: While Mercado Coin is an ERC-20 token developed by Mercado Pago and Ripio, details about public listing or trading availability have not yet been fully disclosed.
Q: How does Mercado Pago ensure security for crypto transactions?
A: The platform employs industry-standard encryption, multi-factor authentication, and secure custody solutions to protect user funds and personal information.
Q: Can I transfer my crypto holdings out of Mercado Pago?
A: At this stage, the service primarily supports in-app holding and trading. Withdrawal capabilities may be limited; users should check the latest features in the app.
Q: Does this mean Chile is becoming a crypto-friendly country?
A: Increasingly so. With recent banking access for exchanges and CBDC exploration by the central bank, Chile is building a more supportive framework for digital assets.
Looking Ahead
As Mercado Libre strengthens its footprint in Chile’s digital economy, its integration of cryptocurrency services reflects a broader transformation in how people interact with money. By combining e-commerce, payments, and crypto in one ecosystem, the company is not only enhancing user convenience but also shaping the future of finance in Latin America.
With strong user adoption trends in Brazil and Mexico, and growing regulatory clarity in Chile, the stage is set for sustained growth. Whether you're a seasoned investor or new to digital assets, platforms like Mercado Pago are making it easier than ever to take that first step into the world of crypto.
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