Mercadolibre, one of the biggest “e-tailers” in Latam, has partnered with credit giant Mastercard to make use of its tech to secure the cryptocurrency ecosystem of the company. Through this partnership, Mercadolibre will be able to use Mastercard’s Ciphertrace technology, to allow the company to enhance the control and security of the crypto transactions in its trading ecosystem.
Mercadolibre, a leading e-tailer of Latam, has partnered with Mastercard, the credit tech company, to improve its due diligence when assessing risks in its cryptocurrency trading platform. The company, which introduced cryptocurrency trading through its own payment system, Mercado Pago, will use Mastercard’s technology to keep track of transactions on its trading services to prevent money laundering and other crimes from happening.
On the importance of this partnership for the improvement of their products, Paula Arregui, Mercado Pago’s senior vice president and COO, stated:
In line with our purpose of democratizing trading and financial services, we want to break down more barriers and offer a simple and secure experience with crypto assets. Our alliance with Mastercard enhances financial education, user experience and transparency in the industry.
On the compliance issue, Ajay Bhalla, president of Cyber and Intelligence at Mastercard, stated:
The potential for cryptocurrencies to change our everyday experiences is huge, but every interaction and experience must be protected.
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