Mercado Libre, one of the biggest retail companies serving the Latin American market, has announced a new investment in two of the region’s biggest digital currency startups, Paxos and 2TM Group, extending its foothold in the development of the cryptocurrency ecosystem on the continent. Per the announcement shared by the company, the amount invested remains undisclosed, however, the investment will help stimulate the regional ecosystem, allowing it to offer increasingly relevant products and services to Latin American entrepreneurs and users.
The Mercado Libre investment was made through its Corporate Venture Capital arm, Meli Fund, marking one of the fund’s most relevant investments in a bid to pursue business and technological interconnectedness.
“As a leading technology company, we are actively evaluating the various innovations and opportunities around this market as it evolves, aiming to be a core participant in this disruption. digital assets and blockchain technology represent a unique, global and collective phenomenon that breaks barriers and creates a level, open playing field for all users to achieve economic empowerment, which is very aligned with our mission as a company,” highlights Andre Chaves, Senior Vice President of Strategy and Corporate Development for Mercado Libre.
Growing Venture Capital Funding in Crypto
Venture Capital funding for crypto-related companies is fast becoming a major trend in the financial world today. With big institutional investors exploring avenues to get involved in the monetary revolution that crypto firms are heralding, injecting their liquidity remains one of the primary ways many have thought to get aboard the train.
As Cryptomarketsbeat reported earlier, Lukka, a crypto accounting, and data firm attained the unicorn valuation status riding on the back of $110 million investments from big players including Soros Fund Management, Liberty City Ventures, S&P Global, and CPA.com amongst others.
As a retail-focused entity, Mercado Libre’s investment in Paxos and 2TM will not be the first of its kind for the company, nor the pioneering move ever by an ecommerce outfit. Back in December 2021, Konzum, one of the largest supermarket chains in Croatia integrated digital currency payments, marking one of the most ambitious moves by a retailer on the European continent.
More companies are beginning to integrate crypto features into their operations, and this year are billed to see more massive involvement across the board.