E-Commerce giant Mercado Libre has made a “strategic investment” in the popular altcoin Paxos by acquiring shares of 2TM. Mercado Libre has made a “strategic investment” in 2TM and blockchain infrastructure company Paxos. Detail cryptocoin.com‘in.
Huge investment in this altcoin project
Mercado Libre, Latin America’s largest e-commerce company by market capitalization, has invested in 2TM and blockchain infrastructure company Paxos. The e-commerce company bought 2TM shares and made a “strategic investment” in Paxos, the company did not disclose the investment amount, the company said on Thursday. The company said the investments strengthen Mercado Libre’s “commitment to the development and use of crypto assets and blockchain technology in the region.” Mercado Libre’s relationship with Paxos is not new. In December 2021, the e-commerce giant integrated Paxos’ blockchain infrastructure to allow users of its digital wallet Mercado Pago to buy and sell Bitcoin, Ether and the stablecoin Pax dollar (USDP) in Brazil. Andre Chaves, senior vice president of Mercado Libre, said in a statement:
As a leading technology company, we actively evaluate various innovations and opportunities in this market as it evolves and aim to be a key participant in this disruption. Digital assets and blockchain technology represent a unique, global and collective phenomenon that creates an open playing field.
Traded as MELI on Nasdaq in May 2021, the company announced a $7.8 million purchase of Bitcoin as part of its treasury strategy. Last month, the Argentine real estate platform launched a special section for selling and buying properties with Bitcoin. In an email to CoinDesk, the company said Mercado Bitcoin ends 2021 with 3.2 million users, 1.1 million of whom joined last year. He added that the transaction volume reached $7.1 billion during this period. Mercado Bitcoin raised $250 million in 2021 and reached a valuation of $2.2 billion.
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