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Latin American digital payments Mercado Pago is adding more functionality to the crypto services it offers to its Brazilian users. The company is now opening up its platform to users to receive cryptos such as Bitcoin (BTC) and Ether (ETH) from third-party services.
Launched in November 2021, Mercado Pago’s array of crypto-related services but it initially operated like a closed ecosystem where users can only purchase and sell crypto from within the app, according to Bitcoin.com. Thankfully, the company is now making it possible for users to deposit or receive cryptos such as Bitcoin and Ethereum from third party service providers, such as crypto exchanges and crypto wallets. But perhaps the best part is that Mercado Pago said that there is no cost associated with such transfers or deposits.
“From today, it will be possible to receive Bitcoin, Ethereum and Pax Dollar from other digital wallets through the Mercado Pago app,” Mercado Pago said in a statement sent to Portal do Bitcoin. “Last week, transfers within the app itself also started to be enabled.”
The increase in functionality of Mercado Pago’s crypto services could help it stand out from among its peers operating in Brazil. Other companies like Nubank still operate in the same type of closed ecosystem that Mercado Pago previously did.
The ability to transfer crypto between Mercado Pago accounts is a much-awaited feature that has been requested by customers. With the activation of the feature, users no longer need to exchange their crypto for Brazilian fiat currency when transferring funds to another Mercado Pago wallet.
However, another much-awaited feature that has not yet materialized is a crypto withdrawal option. When the company started offering its crypto services in November, it has not yet opened its platform to allow withdrawals in crypto to other wallets or exchanges.
“t’s just a matter of time before allowing withdrawals, we’ll then allow transfers between wallets,”.Osvaldo Gimenez, president of fintech at Mercado Pago, explained in December. “But the priority was to give access to investment in cryptocurrencies.” However, the feature remains unavailable to this day and users still have no way to transfer crypto off the platform.
