Mass adoption looms as South America's second-largest company accepts crypto payments
April 29, 2021. Summarized by summa-bot.
Compression ratio: 40.4%. 1 min read.
Mercado Libre’s move to accept cryptocurrency payments for real estate could usher in a new way of crypto mass adoption in South America.
On April 28, MercadoLibre (MELI), the largest Latin American online marketplace, launched a real estate section dedicated to cryptocurrencies.
Although this might seem like a niche market, over 300 real estate agents took part in Mercado Libre's webinar explaining the basic mechanics of cryptocurrencies and their potential impact on the sector.
As is already the case with properties paid in U. S. dollars, Argentine pesos, or Brazilian reais, the transaction is handled outside the Mercado Libre platform and combined between the parties.
Thus, after choosing the property of preference, the buyer contacts the real estate agent and requests to carry out the transaction in cryptocurrency at the deal closing exchange rate.
As stated by Juan Manuel Carretero, the commercial manager for vehicles and real estate at Mercado Libre:
"Probably, as cryptocurrencies become widespread, it will no longer be a separate section, but a payment option filter like any other. "
According to Statista, Mercado Libre's gross merchandise volume accounts for 25. 4% of all e-commerce sales in Latin America.
It may be just a question of time regarding how long it will be before cryptocurrencies gain center-stage as one of the leading digital payment options and marketplaces in Latin America.