Mercadolibre, one of the largest “e-tailers” in LATAM, has partnered with credit giant Mastercard to use its technology to secure the company’s cryptocurrency ecosystem. Through this partnership, Mercadolibre will be able to use Mastercard’s Ciphertrace technology, so that the company can increase the control and security of crypto transactions in its trading ecosystem.
Mercadolibre To Strengthen Crypto Vigilance
Mercadolibre, a leading LATAM e-tailer, has partnered with credit tech company Mastercard to improve its due diligence when assessing risks in its cryptocurrency trading platform. The company, which introduced cryptocurrency trading through its own payment system, Mercado Pago, will use Mastercard’s technology to track transactions on its trading services to prevent money laundering and other crimes from occurring.
Mastercard’s technology, which comes from its acquisition of CipherTrace, a blockchain auditing company, allows Mercadolibre to monitor, identify and identify risks while helping the retailer comply with its regulatory obligations, according to a PR statement released by the company. and allow evaluation.
On the importance of this partnership to improving its products, Paula Arregui, Senior Vice President and COO, Mercado Pago, said:
In line with our objective of democratizing trading and financial services, we aim to break down more barriers and provide a simple and secure experience with crypto assets. Our association with Mastercard enhances financial education, user experience and transparency in the industry.
Compliance and Crypto Law in Brazil
According to the Mastercard Brazil report, Brazil is one of the hottest cryptocurrency markets in Latin America, with the level of adoption reaching high numbers. In the LATAM environment and country, where the government is focused on passing a cryptocurrency bill later this year, compliance and due diligence are becoming more and more important.
On the issue of compliance, Ajay Bhalla, President of Cyber and Intelligence at Mastercard, said:
The potential of cryptocurrencies to transform our everyday experiences is enormous, but every interaction and experience must be protected.
Mercadolibre has been investing in crypto since January, with the company announcing strategic investments in Paxos, a tokenization company, and Mercado Bitcoin, a Latam-based cryptocurrency exchange, in January. In addition, the company bought $7.8 million worth of bitcoin for its Treasury last April.
What do you think about the latest partnership between Mercadolibre and Mastercard? Tell us in the comments section below.
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