June 8, 2022
Bringing trust and security to the Mercado Libre digital wallet in one of the fastest growing crypto markets in Latin America
Mastercard has partnered with Mercado Libre to bolster the security and transparency of its recently launched crypto program in Brazil. Mastercard’s CipherTrace technology will enable Mercado Libre to monitor, identify and understand risk, and help the retailer manage its regulatory and compliance obligations.
As part of its mission to democratize financial services in Latin America, Mercado Libre announced last December that millions of Mercado Libre and Mercado Pago customers in Brazil could buy, hold and sell cryptocurrencies.
CipherTrace’s advanced digital intelligence and analytics technology helps determine the risk of individual crypto transactions and assign a risk rating to any virtual asset service provider involved, based on well-known risk indicators. established. It also offers crypto tracing solutions to facilitate investigations.
“The potential for cryptocurrencies to change our everyday experiences is huge,” said Ajay Bhalla, President, Cyber & Intelligence at Mastercard. “But every interaction and experience must be protected. Using advanced crypto intelligence, Mastercard’s CipherTrace technology enhances the security and transparency of the crypto ecosystem and brings trust to these new payment flows.
“Brazil is one of the hottest crypto markets in Latin America, with high levels of cryptocurrency adoption. By partnering with Mercado Libre, we are building on our longstanding relationship of working together to meet the needs of our mutual customers, helping consumers pay simply and securely using crypto,” said Estanislau Bassols, President of Mastercard Brazil Division.
“In line with our goal to democratize commerce and financial services, we want to break down more barriers, providing a simple and safe experience with crypto assets. The partnership with Mastercard allows us to support financial education, engagement users and drive a more transparent industry,” said Paula Arregui, Senior Vice President and COO of Mercado Pago.
Recognizing consumers’ appetite for fast and flexible access to digital assets, Mastercard has expanded its ability to provide multi-rail security solutions. Acquired by Mastercard in 2021, CipherTrace is a leading cryptocurrency intelligence and blockchain analytics company that provides solutions to some of the world’s largest banks, exchanges, financial institutions and governments.
The partnership with Mercado Libre adds to the momentum of Mastercard, which is building on its growing partnerships to create safe, simple and secure cryptocurrency transactions. It will also contribute to the development of new platforms to test and support the Central Bank’s digital currency programs around a wider use of blockchain technology, NFTs, and provide the ability to support certain stablecoins backed by fiats directly on its network.