The Latin American e-commerce giant and real estate marketplace MercadoLibre may not be about to go the way of PayPal and offer its users the option to pay with cryptocurrencies. In an interview with PayPal President Dan Schulman, MercadoLibre co-founder Marcos Galperin said that he did not believe that cryptocurrencies were the future of payments.
Despite pronouncing that the elimination of cash in Latin America was one of his company’s missions, Galperin’s comments around cryptocurrencies will come as a disappointment to many particularly in Argentina where investment in crypto is a common way to circumvent a fluctuating local currency. Specifically, Galperin said that although he sees crypto as a good way to preserve value, because of the energy needed to mine it governments would be unlikely to pursue cryptocurrency as a concept.
The MercadoLibre President also confirmed that the pandemic had benefitted business and had “accelerated our growth rate substantially in the last six months” and seen many markets advance three years down the road towards e-commerce. Galperin also confirmed that its ‘Mercado Pago’ business which facilitates business loans, and which recently received investment from Golman Sachs, has seen great uptake and businesses have generally been able to repay the loans.