Mercadolibre, one of Latam’s largest “e-tailers,” has partnered with credit giant Mastercard to use its technology to protect its cryptocurrency ecosystem to protect its cryptocurrency ecosystem. The partnership will allow Mercadolibre to leverage Mastercard’s Ciphertrace technology to enhance the control and security of crypto transactions in its transaction ecosystem.
Mercadolibre will enhance its crypto vigilance
Mercadolibre, a leading e-retailer in Latam, has partnered with credit technology company Mastercard to improve due diligence in assessing the risks of cryptocurrency transaction platforms. The company, which has introduced cryptocurrency transactions through its proprietary payment system, Mercado Pago, will use Mastercard’s technology to track transactions on its transaction services in order to prevent money laundering and other crimes from occurring.
According to a PR statementissued by the company, Mastercard’s technology, derived from its acquisition of blockchain auditing firm Cipher Trace, will allow Mercado Live to help retailers comply with regulatory obligations while monitoring, identifying, and assessing risk regulatory obligations while monitoring, identifying and assessing risk.
Commenting on the importance of this partnership in improving their products, Paula Arregui, Senior Vice President and COO of Mercado Pago, said.
In line with our goal of democratizing trading and financial services, we want to remove more barriers and provide a simple and secure experience with crypto assets, and our partnership with Mastercard will enhance financial education, user experience and industry transparency.
Brazilian Compliance and Crypto Laws
Brazil is one of the hottest cryptocurrency markets in Latin America, with Mastercard Brazil reporting high adoption levels Compliance and due diligence are becoming increasingly important in the latam environment and in a country where the government is focused on getting cryptocurrency legislation passed later this year.
On the issue of compliance, Ajay Bhalla, President of Cyber & Intelligence at Mastercard, said.
The potential for cryptocurrencies to change our everyday experience is huge, but all interactions and experiences must be protected.
Mercadolibre has been investing in crypto since January, when the company announced strategic investments in tokenization company Paxos and Mercado Bitcoin, a latam-based cryptocurrency exchange. Additionally, the company purchased $7.8 million worth of bitcoin for the Treasury last April.
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