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Report: Facebook Working With South American Online Marketplace For Crypto Project

Latin America’s most popular e-commerce market place by the number of visitors Mercadolibre.com, has partnered with Facebook’s forthcoming cryptocurrency project dubbed “Libra”. The news broke out through one of the executives on June 14.

As reported earlier, Facebook recently collaborated with top organizations and financial institutions which are providing the backing to the social media giant for its Geneva-based cryptocurrency and other financial services project. Along with MercadoLibre, the few names are Visa, Mastercard, PayPal, Uber, Xapo who allegedly invested over $10 million and chipped in the Libra project. Once again, Facebook with its endeavor wanted to set a benchmark with the global networking platform by its payment services and blockchain project while infusing the big business ventures. In a way, the authorities of the upcoming project forming a consortium of governance to support this pervasive initiative where in organizations such as venture capital firms Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, and non-profit organizations including Mercy Corps are also included.This kind of collaboration would make the Libra project perform beyond the state of the art and ostensibly would also help in derailing the centralized social media networking structure towards complete decentralization.

Purportedly, MercadoLibre would be supporting Facebook’s native cryptocurrency while integrating with its payment system, as one of the forms of payments option in exchange of good and services. Along with it, the Argentina, Buenos Aries based famous e-commerce platform is excepted to perform “as a node” towards the growth of Facebook’s global cryptocurrency. However, further in-depth details about the partnership and the operational functionalities are yet to be disclosed. The executive while providing the internal information of the joint cooperation among both the firms also requested to maintain the secrecy about his/her identity to avoid any reprisal.

As per the online data, MercadoLibre operates in over 18 countries and has five main business units. MercedoLibre market place- a user-oriented platform to sell the products, Mercado Pago- an online payment platform designed for online sales, Mercado Publicado- an advertising segment of Mercado Libre, Mercado Shops- a place which is designed to enhance the platform’s overall ecosystem by providing various tools to the businesses, and Mercado Crédito- a credit company for investments. At present, Mercado Libre has over 200 million users in Latin America. The number of users would definitely be on the higher side if calculated all the five business ventures together.

There are various other resourceful collaborations which Facebook is trying to obtain in order to deliver the best possible experience to its billions of users with its new-fangled upcoming business. In an effort, to capture the universal attention, the company along with the sharpest minds from well-recognized business ventures is trying to hit-hard the existing and conventional central structure while bringing the new economy which would be having the long-lasting impact on the people and the governments.

Tags: Facebook, Mercadolibre.com, MercadoLibre, South American Online Marketplace, Crypto Project, Libra, Blockchain, Global Coin, Visa, Mastercard, PayPal, Uber, Xapo, Consortium of Governance