South America’s largest online marketplace now accepts crypto payments

Mercado Libre (MELI) has joined the league of traditional companies that now accept crypto payments.

MELI is the largest online marketplace in Latin America. Its move to accept digital assets such as Bitcoin is an endorsement of the validity of cryptocurrencies. It could usher in a new wave of mainstream crypto adoption in South America.

The firm launched a real estate segment dedicated to cryptocurrencies. Although MELI does no directly settle property transactions, cryptocurrencies have now been legitimized as a payment option. After choosing a property, potential buyers will need to contact the real estate agent and request to complete the transaction in cryptocurrency.

The development was met with a lot of excitement from the firm’s customers. Despite being a niche market, more than 300 real estate agents partook in Libre’s webinar explaining the potential impact of their decision on the sector, as well as the basic mechanics of cryptocurrencies.

For some context, MELI is an $81 billion retailer. It is currently the second-largest company in South America and has a strong footing in Brazil, Mexico, and Argentina.

Juan Manuel Carretero, the commercial manager for vehicles and real estate at the firm, is hopeful that a time will come when there won’t be the need to separate digital assets from traditional payment options. He said:

Probably, as cryptocurrencies become widespread, it will no longer be a separate section, but a payment option filter like any other.