Mercado Pago announces new function to buy and sell Bitcoin and Ethereum in Mexico

Mercado Pago, the fastest growing and largest Fintech in Latin America, announced this Tuesday a new function for its ecosystem that will allow Mexicans to buy and sell cryptocurrencies. At the moment, users in the country will be able to buy and sell only the two most popular options for digital assets: Bitcoin y Ethereumthe company reported in a conference.

The function, Market Payment cryptocurrencies, has already been proven in the Brazilian market with a rapid growth of up to 2 million users. In Mexico, the platform has 150,000 users who have already bought, maintained or sold some cryptocurrency. In a short time, Mexico has managed to exceed a few days by volume traded in the Brazilian market.

This function is the next step in our evolution, after offering some possibilities to our users such as a low-risk, high-return fund in collaboration with GBM or being able to receive their salary in the application”, said Pedro Rivas, general director of Mercado Payment.

The manager added that the intention of this new role is to continue efforts to democratize finance in Mexico. At the same time, Mercado Pagó contributes to the education of users through a blog with content to clear up doubts about these assets.

The company highlighted that it already has crypto users in all the states of the country, with a greater presence in Mexico City, the State of Mexico, Jalisco, Veracruz and Nuevo León, in that order. The average transactions are for an amount of 166 pesos, which speaks of an interest in experimenting in this market.

Of the total number of users who have used this function, 92% still maintain their crypto assets and close to 7% carry out constant purchase and sale operations (Trading). Nine out of 10 users buy bitcoin, 44% of users buy both bitcoin and ethereum and 11% only ethereum.

There is currently a limit of 14,000 pesos for these accounts that could begin to expand based on customer demand. The purchase and sale commission is applied once per process and as a single charge of 1.5 percent.

At the moment, the application only allows the purchase and sale of assets, so it is not possible to transfer them to another wallet or make payments with them. This function added to the Mercado Pago ecosystem is possible thanks to a collaboration with Paxoscryptocurrency exchange platform.