E-commerce giant MercadoLibre bans crypto after receiving $750M from Paypal

E-commerce giant MercadoLibre banned cryptocurrency-related listings from its platform beginning March 19th. Latin America’s most popular e-commerce site, by number of visitors, has 267 million registered users, aka "the Ebay of Latin America" made the announcement just days after receiving a $750 million investment from PayPal.



Notably, in Brazil alone, 1 of the 18 countries MercadoLibre serves, there are 5,630 Bitcoin-related ads. A spokeperson for MercadoLibre said PayPal is having meetings with MercadoLibre to “work together on best practices in financial technology.” It's worth noting, in the past analysts have said Bitcoin is "potentially disruptive" to Paypal's business model.