Mercado Libre, which runs an e-commerce portal that primarily caters to South America, has joined hands with Facebook on Libra, the cryptocurrency project.
An unnamed executive of MercadoLibre has stated that the cryptocurrency to be unveiled by the social media platform provider will be integrated with the e-commerce platform so that it serves as a mode of payment for the purchase of goods.
Furthermore, the executive stated that Mercado Libre will probably act as a node in the upcoming Libra crypto’s blockchain network. The popular South American portal has operations in 19 countries.
Another report published recently states that Libra platform’s trial may be announced sometime this week. The platform has garnered support from several top notch firms such as PayPal, Mastercard, Uber and Visa.
There are also reports of a consortium being formed to administer the endeavor and that includes venture capital firms Union Square Ventures and Andreessen Horowitz, non-profit organizations such as Mercy Corps and cryptocurrency exchange Coinbase.
A few days before RBC Capital analysts Mark Mahaney and Zachary Schwartzman stated that Facebook’s Libra stablecoin would be a prominent event in the company’s history. The analysts were of the view that the initiative would “unlock new engagement and revenue streams.”
