Latin America’s largest e-commerce giant Mercado Libre will end more than 20,000 crypto ads from March 19 after banning cryptocurrency on its platform, according to a report from the daily hodl.
The ban which will affect up to 267 million Mercado Libre users comes after PayPal announced it plans to invest $750 million in the company, who are themselves facing fierce competition from cryptocurrency payment platforms like Square’s Cash App, which the report claims has become the most downloaded payments app in both Apple and Google app stores.
PayPal president Dan Schulman said that the company had been impressed with the payments system built by Mercado Libre, adding:
“We see great opportunities to integrate our respective capabilities to create unique and valuable payment experiences for our combined 500 million customers throughout the region and around the world.”
Mercado Libre will raise $1.85 billion in equity offerings, with the participation of PayPal ($750m) and Dragoneer ($100m), contingent on the rest of the funds being raised publicly.