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Latin American e-Commerce Giant Mercadolibre Reveals Buying $7.8 Million In Bitcoin - TCR

source-logo  thecoinrepublic.com 06 May 2021 11:05, UTC
  • Cryptocurrency finds greater acceptance
  • MercadoLibre, assets $7.8 million in bitcoin
  • MercadoLibre listed on Nasdaq

Cryptocurrency is finding wide acceptance worldwide, and Latin American companies are joining the fray. MercadoLibre, the Latin American e-commerce and fintech company, revealed in its balance sheet that it now holds bitcoin. theblockcrypto.com reports that this was disclosed in its regulatory filing on its balance sheet on Wednesday.

First Quarter results reveal the bitcoin buy.

In a press statement quoted by theblockcrypto.com, the company announced the first-quarter results of b2021. The firm said it purchased $7.8 million in bitcoin. The company called it its treasury strategy and labeled it as one of its indefinite-lived intangible assets.”

It is not clear when the purchase was made. However, checking the balance sheet shows that it was covered in the financial results covering the first quarter ending March 31, 2021.

MercadoLibre specializes in online marketplaces dedicated to e-commerce

MercadoLibre is An Argentine company incorporated in the U.S. The company specializes in online marketplaces dedicated to e-commerce and auctions. It has a market cap of $76.3 billion and listed on Nasdaq as MELI.

theblockcrypto.com reports that the company’s active members surged by 61.6 %and today stands at 69.8 million. Gross merchandise volume grew to $6.1 billion, and the live listings offered on Mercadolibre’s marketplace reached 299.5 million. The latest bitcoin purchase makes MercadoLibre, among a growing list of companies worldwide that have chosen to add BTC to their balance sheets. Other companies which have done suit include Elon Musk’s Tesla, Jack Dorsey’s Square, and Microstrategy.

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