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Mercadolibre Inks Partnership With Mastercard to Secure Its Crypto Ecosystem in Brazil

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Mercadolibre, one of the largest online retailers in Latin America, 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 Ciphertrace technology, which will allow the company to increase the control and security of cryptocurrency transactions in its trading ecosystem.

Mercadolibre will increase crypto vigilance

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Mercadolibre, Latham’s leading online retailer, has partnered with Mastercard, a credit technology company, to improve its risk assessment due diligence on its cryptocurrency trading platform. The company, which has implemented cryptocurrency trading through its own Mercado Pago payment system, will use Mastercard technology to track transactions in its trading services in order to prevent money laundering and other crimes.

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The Mastercard technology, born from the acquisition of Ciphertrace, a blockchain audit company, will enable Mercadolibre to monitor, identify and assess risk, helping the retailer meet its regulatory obligations, according to PR. statement issued by the company.

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On the importance of this partnership to improve their products, Paula Arregui, Senior Vice President and Chief Operating Officer of Mercado Pago, said:

In line with our goal to democratize trading and financial services, we want to break down more barriers and offer a simple and secure experience with crypto assets. Our alliance with Mastercard enhances financial education, user experience and industry transparency.

Compliance and crypto laws in Brazil

According to a Mastercard Brazil report, Brazil is one of the most popular cryptocurrency markets in Latin America with high adoption rates. Compliance and due diligence are becoming more and more important in the Latin American environment and in a country where the government is focused on passing a cryptocurrency bill later this year.

On the compliance issue, Ajay Bhalla, President of Cybersecurity and Intelligence at Mastercard, stated:

The potential of cryptocurrencies to change our daily experience is huge, but every interaction and experience must be protected.

Mercadolibre has been investing in crypto since January, and in January the company announced strategic investments in Paxos, a tokenization company, and Mercado Bitcoin, a Latin American cryptocurrency exchange. In addition, last April the company purchased $7.8 million worth of bitcoin for its treasury.

What do you think of the latest partnership between Mercadolibre and Mastercard? Tell us in the comments section below.

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Credit : news.bitcoin.com

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