The use of cryptocurrencies can increase substantially as South America’s second largest company accepts crypto payments for real estate. MercadoLibre is an online marketplace, founded in Argentina in the year 1999. The company has expanded to a great extent since and is now present in 18 countries.
MercadoLibre is a $81 billion retailer, with three of its largest markets located in Argentina, Brazil and Mexico. Being the second largest company in South America, MercadoLibre group also owns Mercado Pago and Mercado Envios.
As the cryptocurrencies become more and more prominent due to the investment of well-known companies, it may be a suitable time for interested parties to start investing in Bitcoin and other cryptocurrencies. People looking to buy Bitcoin can use secure and reliable exchanges such as SwissBorg or Kraken.
MercadoLibre Accepting Crypto Payments
MercadoLibre is an online marketplace that launched a real estate section on April 28th. This section has been dedicated to digital currencies and even though MercadoLibre does not directly settle the property transactions, it has legalized crypto payments as a system for the users.
The vehicles and real estate commercial manager at MercadoLibre, Juan Manuel Carretero stated:
“Probably, as cryptocurrencies become widespread, it will no longer be a separate section, but a payment option filter like any other.”
The current offers for the people interested in buying real estate through the company include commercial real estate, condos, houses, land and vacant lots that are located in Santa Fe, Buenos Aires and Corboda.
Potential buyers of real estate can choose a property according to their preference after which they can contact the real estate agent. The buyers can request to pay for the selected property in cryptocurrency at the deal closing exchange rate.
Possible Increase in Cryptocurrency Adoption in South America
There is expected to be an increase in the adoption of digital currencies after the initiative taken by MercadoLibre. Countries such as Argentina that are going through inflation can very well use cryptocurrencies to their benefit. According to reports, there was a 10% drop in Argentina’s gross domestic product in the year 2020. It has also been observed that in the last year the country’s cumulative inflation hit 42.6%.
During such crucial times, digital currencies have been functioning more effectively as compared to fiat currency, considering that the citizens are limited to purchase only $200 of foreign banknotes from the central bank every month. Therefore, MercadoLibre’s step towards accepting crypto payments for real estate could very well pave the way for digital currencies to be a leading payment option in South America.
This can, therefore, be a suitable time for all potential investors or traders to choose secure exchanges in order to buy, sell or actively trade Bitcoin and other cryptocurrencies. If you are looking to start crypto trading, you can use ByBit, however, if you are more interested in copy-trading you can use PrimeXBT Covesting.