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Latam E-Commerce Giant Mercado Libre Holds $40 Million in Crypto

source-logo  news.bitcoin.com 10 May 2024 08:18, UTC

Mercado Libre, one of the biggest e-commerce platforms in Latam, has disclosed it holds over $40 million in cryptocurrency, according to its Q1 2024 filings. The company disclosed that it held 412.7 bitcoin (BTC) and 3,041.6 ethereum (ETH), by March 31. However, Mercado Libre does not own these holdings, as its CIO Richard Cathcart explained, stating that the company had liquidated its cryptocurrency in 2023. Cathcart declared this filing “reflects the fact that we offer to buy, hold, and sell to our users. But at the moment, we don’t have it ourselves.”