The Latin American e-commerce heavyweight Mercado Libre has taken another step into the world of crypto – and will pay its customers to refer friends to the crypto trading service on Mercado Pago, its e-pay app.Mercado Libre is often dubbed the LATAM Amazon and has hundreds of millions of users across the region. It began accepting Bitcoin (BTC) as a means of payment back in 2021.Its payments app Mercado Pago has crypto trading functions and allows customers to buy and sell BTC, as well as Ethereum (ETH) and stablecoins.And in a bid to boost adoption, Mercado Pago stated that its crypto-trading customers would receive BRL 10 (around $2) in credit for each fellow Mercado Pago user they “introduce” to the company’s crypto-trading solutions.Per the media outlet Livecoins, users were told that they could invite up to 10 friends to use the platform – and pick up a maximum of BRL 100 (approximately $20) in the process. Customer accounts will be credited with the payments within 72 hours of the invitee’s first crypto purchase on the platform.Mercado Pago also claimed that “more than 2 million users” have purchased crypto assets on its platform in Brazil and Mexico.Mercado Libre: What’s Behind the Crypto Adoption Push?In January 2022, Marcado Libre invested in the crypto exchange platforms Mercado Bitcoin and Paxos, two of LATAM’s biggest players. These partnerships have quickly borne fruit: Mercado Pago’s own crypto functions are powered by Paxos.Late last year, Mercado Pago launched a “crypto educational campaign” – in a bid to help its customers learn more about crypto.Mercado Libre’s Argentinean CEO, Marcus Galperin, is a notable crypto advocate. In 2021, he opined that bitcoin was a better store of value than gold. In the summer of last year, Mercado Libre launched an Ethereum-based ERC-20 crypto asset named Mercado Coin for use in its loyalty programs.At the time, Galperin called coin a “step toward democratizing financial inclusion in Latin America.”
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