Crypto-Friendly Mercado Libre Becomes Latam's Largest Company

Mercado Libre, a financial and e-commerce service company with its own cryptocurrency token, became the largest company in Latin America after announcing its financial results for Q2. Mercado Libre announced a net income of $531 million, significantly surpassing the expected $432 million. Other numbers were also positive, including a 36% growth in sales in Brazil, one of the company’s main markets. Following this announcement, stocks soared, propelling Mercado Libre to overcome the value of other Latam companies such as Petrobras, which remains second in the region with a market capitalization of $87 billion. On August 2, Mercado Libre reached a market capitalization of $93 billion.