Mercado Pago hopes to expand in Mexico through the introduction of cryptocurrency services. The company, which acts as a wallet arm for Mercado Libre , announced that customers can now purchase crypto using Mexican fiat currency. This means that every Mexican customer can now purchase bitcoin or ether with funds in Mercado Pago.

The company hopes to offer more options to Mexicans who are customers of the company by bringing this product to Mexico. On this, Mercado Pago Mexico’s CEO Pedro Rivas stated:

We are aiming to provide millions of Mexicans with easy access to crypto-world in an educational, safe, and simple manner to increase technological inclusion.

Mercado Libre’s Latam Expansion

The company had previously hinted at this move. Osvaldo Gimenez, the head of Mercado Pgo, , announced a possible expansion in August, remarking about the importance of cryptocurrencies as an alternative investment option for Latam. This type of service was pioneered in Brazil by the company, which has more than 1,000,000 customers who have this functionality since November 2021.

Mercado Pago has yet to allow customers to use crypto to buy merchandise in Mercado Libre. This is in keeping with Marcos Galperin’s views on crypto. He thinks it more important as a store-of-value than as a payment method. The company also launched its token, called Mercadocoin on Aug. 20, but did not give any indications as to when it would be launched in Mexico.

There has been a steady rise in interest in cryptocurrency in Mexico. Other companies have also introduced crypto-payments as part of their business models. , a food delivery service, announced that it would launch a pilot program to accept cryptocurrency as payment for its services.

In July Indira Kempis, a Mexican senator introduced a bill that would declare bitcoin a legal tender to improve financial literacy and financial inclusion.