Partnership Between MercadoLibre and PayPal Leads to the Prohibition of Crypto-Related Ads
According to a recent report, the most important Latin American’s e-commerce platform, MercadoLibre has issued warning against all ads which are related to virtual currencies to all its users as it is now prohibited.
PayPal Invested $750 Million into MercadoLibre
MercadoLibre which is available in almost 20 countries just received a sum of $750 million in funding from PayPal. With this, it will be able to increase its base in the countries which have the highest sales volume such as Mexico, Brazil, and Argentina. This move is expected to help the portal compete with other companies which are already becoming household names such as eBay and Amazon.
The company said:
“We successfully placed more than US$1 billion on the Nasdaq and totalled US$2 billion after Paypal’s investment. A pride for @Mercadolibre and @Mercado Pago. A milestone for the region and the sector. Let’s continue to democratising trade and money!”
Partnership Between Mercadolibre and Paypal is Bad for Crypto
Although the company already uses traditional banking transactions and “Mercado Pago” program (a native escrow method), it is presently working on the introduction of alternative payment processing options such as payments via QR codes for mobile platforms.
Also, the partnership between MercadoLibre and PayPal is likely to lead to the portal making some adjustments in its policies. However, the platform is presently not supporting payments made via PayPal.
The ban notice was issued by the marketing team a few days after the partnership was announced. The notice prohibits all crypto-related products and an option to sell them for virtual currencies. The prohibition affects both crypto and gift cards, start from its users in Brazil.
