Mercado Libre, a South American online marketplace is teaming up with Facebook on its cryptocurrency project Libra. The former is one of the famous e-commerce platforms in South America. It will use the cryptocurrency as a mode of payment on its e-commerce platform.

An executive of Mercado Libre made the confirmation on the partnership. He further added that the firm will also join Facebook’s upcoming blockchain network as a node. A testnet launching will soon take place for this Libra platform. The social media giant has integrated many firms for financial support including Visa, Mastercard, Paypal, and Uber.

Recently, the social media giant has joined hands with Ed Bowles, an official of Standard Chartered Bank on this project. He will probably handle the regulatory related issues for the upcoming crypto coin in Europe. Facebook has also begun discussions with CFTC (U.S. Commodity and Futures Trading Commission). The discussion covers the plethora of opportunities and regulatory issues for Facebook’s Globalcoin Cryptocurrency. The cryptocurrency under Project Libra aims at enabling Facebook’s global users to send and receive money across borders and to make online purchases. It may be used used as a payment tool on WhatsApp, Instagram, and Messenger.