Argentina’s E-Commerce Giant MercadoLibre Reports $21 Million in Customer Crypto Assets
MercadoLibre, the renowned e-commerce platform in Argentina, has seen notable growth in its crypto segment.
According to the company’s latest quarterly earnings report, MercadoLibre’s customers held a total of $21 million in crypto assets as of September 2023, a significant increase from the $15 million reported in December of the previous year.
The surge in customer crypto assets comes as MercadoLibre continues to establish itself as a major player in the e-commerce industry, boasting an impressive $10 billion in annual revenue.
The company exceeded expectations with its Q3 results, reporting a remarkable $3.8 billion in revenue and $685 million in profits.
The growth was primarily attributed to the success of MercadoLibre in Brazil and Mexico, where its operations have expanded significantly.
As reported, MercadoLibre rolled out its own cryptoasset, named Mercado Coin, in Brazil.
The coin was initially launched with a starting price of 10 cents, but its value has since evolved in line with market dynamics.
In addition to Mercado Coin, MercadoLibre also started offering Bitcoin ( BTC) and Ethereum ( ETH) to its customers in December 2021.
However, the recent earnings report did not provide a breakdown of the specific distribution of crypto assets among these different digital currencies.
Argentina has been one of the fastest-growing cryptocurrency markets.
According to research from GWI, Argentina has one of the highest ownership rates of digital assets at 23.5%, only second to Turkey at 27.1%.
The growing crypto adoption is primarily attributed to the country’s soaring inflation.
Argentina’s inflation rate has soared past 100% this year. According to the country’s statistics agency, inflation hit 102.5% in February, suggesting
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