MercadoLibre Drops Crypto Options After PayPal Investment
Days after receiving a $750 million investment from PayPal, Latin American e-commerce giant MercadoLibre intends to ban cryptocurrency related listings and ads, prepaid cards loaded with digital assets, and digital currencies used in games starting on March 19.
The company is notifying its vendors of the new policies via email.
For now, MercadoLibre's users in almost 20 countries will still be able to withdraw crypto funds received thanks to a partnership forged last year between the platform and bitcoin wallet and merchant processing firm Ripio.
No announcements have been made as to why the cryptocurrency listings will no longer be allowed, but the move comes some days after PayPal made a strategic investment of almost $1 billion in the e-commerce company.
MercadoLibre has raised a total of $1.85 billion in a public share offering, largely thanks to the investment from PayPal.
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