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MercadoLibre To Offer a Cryptocurrency Wallet Compatible With Fiat Purchases In Brazil

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Mercadolibre will launch a service to buy, sell, and hodl cryptocurrencies in weeks. It will start in Brazil, but an expansion to other countries is planned.

Mercadolibre, Latin America’s largest e-commerce site, is stepping up its bet on cryptocurrencies after several successful experiences.

Now, a senior executive announced that within the next few weeks, the company will enable a service for buying, selling, and saving cryptocurrencies, initially available to its customers in Brazil.

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New Crypto Services for Brazil

According to Bloomberg, Tulio Oliveira, Vice President of MercadoPago, elaborated that Mercadolibre has its eyes on cryptocurrencies as a potential focal point for the development of its financial arm.

“We took the time to study and learn before deciding to step into crypt. This has a transformational potential ahead and opens up a new avenue for us.”

The company’s idea is to begin exploring the Brazilian crypto scene and then extend its service to other countries.

The crypto wallet is well advanced. It passed its beta stage with no relevant issues and will be ready to launch very soon.

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Although Mercadolibre was founded in Argentina, the decision to start with Brazil makes sense. With almost 11 million users, Brazil is the company’s main market. In addition, Brazil has the strongest economy in the region and is a relatively cryptocurrency-friendly country. A recent poll revealed that 48% of the population is pro-bitcoin.

Currently, Brazil has approved four cryptocurrency ETFs, with HASH11 – which tracks the Nasdaq Crypto Index – being the most popular technology ETF among investors. Several fintechs offer support for cryptocurrencies.

Crypto.com even recently chose Brazil as the first market in South America to receive its cryptocurrency-backed Visa debit card.

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Mercadolibre Has a Crypto-Friendly Side

MercadoPago is Mercadolibre’s fintech endeavor. Currently, the company offers several services for the banked and unbanked in Brazil, such as credit cards, debit cards, POS, and a digital wallet. Although no further details have been given about the cryptocurrency service, it is possible that it will be integrated within Mercadopago’s own platform.

The e-commerce giant is no stranger to the world of cryptocurrencies. In May 2021, the company revealed that it had acquired $7.8 million in Bitcoin as part of its treasury strategy.

Likewise, MercadoPago was one of the founding members of the infamous Libra Association, a Facebook-driven crypto initiative that was unsuccessful after coming under heavy criticism from regulatory bodies.

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MercadoLibre’s service would serve as a doorway to the world of cryptocurrencies for more than 10 million new users in Brazil and more than 200 million users in all of Latin America. As a reference, data from Statista reveals that Amazon ranks second in Mexico below Mercadolibre.

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Australia to Introduce New Regulatory Laws and Licensing Frameworks for Crypto Firms

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As some top economies across the world are working to bring clarity on crypto regulations, Australia joins the bandwagon. As per the latest report, Australian lawmakers will soon create a licensing framework for cryptocurrency exchanges.

Australian Treasurer Josh Frydenberg has recently welcomed this move saying that Bitcoin and other digital assets would emerge under a financial licensing scheme for crypto trading platforms. Speaking of this development, Mr. Frydenberg said:

“Australia has an opportunity to be among the leading countries in the world in leveraging this new technology. Recent surveys have found that up to 17 percent of Australians currently own cryptocurrency, with that figure likely even higher among young Australians.”

The Australian Treasurer said that he will begin talks on the licensing framework of crypto from early 2022. Besides, they will also be regulating crypto custodians i.e. businesses who hold digital assets on behalf of their consumers.

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Crypto businesses in Australia are also supporting this move. BTC Markets chief executive Caroline Bowler said: “It would be a crushing shame to not have our regulation keep pace with international peers such as Singapore, Canada and Britain”.

Australia’s Own Central Bank Digital Currency (CBDC)

Australian Treasurer Josh Frydenberg also spoke about the possibility of having a central bank digital currency (CBDC) and doing pilot testing before the end of 2022. However, he advocates for the cash industry saying that the Australian CBDC should be replacing physical banknotes.

Besides, the country is looking to broaden the scope of laws for online transactions providers. Tech giants like Google and Apple are making rapid penetration in the payments market. Furthermore, there’s a fast emergence of buy-now-pay-later (BNPL) providers ike Afterpay Ltd. operating without any direct supervision. Speaking of this, Treasurer Frydenberg said:

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“If we do not reform the current framework, it will be Silicon Valley that determines the future of our payment system. Australia must retain its sovereignty over our payment system.”

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Top 5 cryptos to include in your Christmas wish list

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  • Cryptocurrencies offer a unique opportunity to diversify one’s portfolio.
  • There are five altcoins that appear to have great potential.
  • Speed, scalability, and low transaction costs make these digital assets stand out. 

Cryptocurrencies are here to make transactions easier and faster. But before you can jump right in and add any old cryptocurrency to your Christmas list, you need to understand what token you are investing in and the benefits they offer. There are five cryptocurrencies that appear to have a great future ahead.

Solana

Solana is an open-source project implementing a new, high-performance, permissionless blockchain that is all about speed.  

It has 400 millisecond block times and as hardware gets faster, so does the network. Solana’s scalability ensures transactions remain less than $0.01 for both developers and users. 

Price-wise, Solana is currently selling at an average price of $200. 

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Not only is Solana ultra-fast and low cost, but it is also censorship-resistant. This means that the network will remain open for applications to run freely, and transactions will never be stopped.

Solana’s crypto-economic system is designed to promote a healthy, long-term self-sustaining economy with participant incentives aligned to the security and decentralization of the network. The main participants in this economy are validation clients.

StakeMoon

Since launching in early November, StakeMoon has raised $1,200,000 and continues to climb. 

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The new and innovative digital cryptocurrency project is still in its infancy but looks like a promising investment. Striving to reward long-term holders, StakeMoon’s token has a taxation policy that penalizes market speculators, resulting in regular dividend payments for existing token holders and flexible staking rewards. 

Transactions attract a taxation rate of 15%, where 10% is distributed to existing token holders, while the remaining 5% is allocated to the StakeMoon liquidity pool. Tokens are not locked into a minimum redemption period. Instead, stakers can withdraw their StakeMoon at any given time.

StakeMoon has launched on PancakeSwap, a decentralized exchange (DEX), on November 20, creating a marketplace for users to buy, sell, and trade hundreds of decentralized finance (DeFi) tokens without third-party involvement.

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StakeMoon has been heating up fast and keeping tight on its roadmap, with plans to list on BitMart in early 2022 with CoinGecko and CoinMarketCap listings coming soon.

Avalanche 

Avalanche is an open and programmable smart contracts platform for decentralized applications.

It claims to be the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. The native token, AVAX, secures the network, pays for fees, and provides the basic unit of account between the multiple blockchains deployed on the larger network.

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The resources spent by a validator for staking are proportional to that validator’s total stake. Avalanche has unique benefits including the rewards accumulated by a validator for validating are proportional to that validator’s total stake. 

Since Avalanche is leaderless, there are no “rich-get-richer” compounding effects. Validators that lock their stake for longer are rewarded more and are also incentivized to stay online and operate correctly as their rewards are based on proof-of-uptime and proof-of-correctness. 

AVAX is a capped-supply token, with a maximum cap of 720 million tokens. The rate at which the maximum cap is reached is subject to governance. Fees are not paid to any specific validator. Instead, they are burned, thus increasing the scarcity of AVAX.

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DeFi Coin

DeFi Coin is the digital token that represents the DeFiCoins.io website and DeFi Swap exchange. 

By allowing buyers and sellers to exchange value directly with other market participants – the DeFi Swap exchange ensures that there is no requirement to go through a centralized third party. 

The DeFi Coin umbrella actively promotes three functions: static rewards, automatic liquidity pools, and manual burning strategy.

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Users are encouraged to hold their DeFi Coin tokens on a long-term basis because transactions are taxed at a rate of 10% discouraging day trading. Perhaps most importantly, 5% of this figure is distributed to existing DeFi Coin token holders, which is not much different from conventional dividend payments. The other 5% is utilized to provide liquidity to decentralized exchange services.

A major benefit of holding DeFi Coin tokens is that users can earn dividends via a static reward system.

Radix 

Radix promises to put the fun back into DeFi with a focus on the community, security and scalability. 

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It focuses on the community, recognizing each individual developer and allows them to contribute to the online DeFi component library in exchange for direct royalty fees when projects use their components to build the next billion-dollar DeFi application.   

Radix is the only decentralized network where developers will be able to build quickly without the constant threat of exploits and hacks, where every improvement will get rewarded, and where scale will never be a bottleneck.

The network’s unique benefits include 100% of all transaction fees being burned, 53.8% of the token supply being locked on average across POS networks, 300 million XRD tokens per year will go to stakers for securing the network, and eXRD/SRD bridge will allow users to move quickly between Ethereum and Radix.

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Three Arrow Capital, Which “Abandoned” Ethereum, Received $400 Million Worth of It in Two Days

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The hedge fund CEO that promised to abandon Ethereum just received $400 million worth of it

Three Arrow Capital crypto hedge-fund received a significant amount of Ether from various large centralized exchanges following the company CEO’s critique and abandonment of the Ethereum network.

Series of large Ethereum transactions

Large transactions have been appearing on the fund’s address constantly in a period of two days. Only two hours before press time, the fund’s wallet received 27,000 Ethereum coins worth approximately $108 million.

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Etherscan Page
Source: Etherscan

The day before, the fund received 14,000 ETH worth approximately $56 million and the same amount three days ago in numerous smaller transactions worth from 2,000 ETH to 12,000 ETH.

The fund’s withdrawing activity might be a sign of accumulation during the most recent market dip. Since Ethereum lost 27% of its value at the local trend’s bottom, funds and large investors were able to purchase the asset at a significant discount during the market sell-off.

Fund CEO’s complicated relationship with Ethereum

Previously, the CEO and founder of Three Arrows Capital have stated that he decided to “abandon” Ethereum despite all the support he provided to it in the past. His main problem with the network was the inability of newcomers to simply afford the chain due to high fees.

Later on, Zhu “softened” his previous tweet by saying that he used the wrong word in the heat of the moment. The fund’s CEO has also pointed out that he respects the effort of building L2 solutions that help Ethereum with scaling but would also prefer seeing further development of the first layer that would make mainnet affordable for new users.

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