Fintech Magalu and Mercado Bitcoin, the largest digital asset platform in Latin America, have just entered into a partnership for cryptocurrency transactions, card issuing and processing.
As of now, more than 37 million Magalu customers can buy and sell cryptocurrencies through the company’s SuperApp.
In addition, Mercado Bitcoin’s nearly 4 million users will be able to use their assets, via a free card, with API technology from Fintech Magalu.
Magazine Luiza’s solution includes digitization and financial inclusion with bitcoin
The solution is yet another digitization and financial inclusion initiative and expands the range of services available to Magalupay users.
“For many of these clients, this will be their first contact with crypto assets and the opportunity to start investing in digital currencies, from 1 real”, says Leandro Hespanhol, commercial and new business director at Fintech Magalu.
Soon the first three available crypto-assets – the most traded – will be presented and Magalupay customers will receive educational materials about the new investment modality.
Mercado Bitcoin’s digital asset platform will integrate with MagaluPay to enable the purchase, sale and custody of crypto assets through a simplified experience where transactions are completed in a few clicks.
Bitcoin Market map
The new card, issued and processed by Fintech Magalu, which ranks among the ten largest in the country. In addition, the novelty offers exclusive benefits for purchases on SuperApp Magalu.
Initially it will be prepaid and virtual and soon it will have a credit function so that Bitcoin Market customers can use it in the most convenient way.
This is the first time Bitcoin Market customers have a card available to use their balance.
“The partnership brings greater usability in cryptocurrency reservations and convenience to our millions of customers, who can use the card with every purchase”said Reinaldo Rabelo, CEO of Mercado Bitcoin.
Magalu’s finance arm is the result of the integration of acquired companies Bit55, Stoq and Hub Fintech. For example, on the front of products aimed at companies, Fintech Magalu is responsible for the payment operation of delivery applications, truck drivers and transporters of some companies.
“We do not work exclusively for the Magalu ecosystem. We are already a reference in providing financial services to more than 50 companies of all sizes”, says Hespanhol.
“We are confident about joining this partnership with a cryptocurrency platform.”
Before approaching Magazine Luiza, it is worth remembering that Mercado Bitcoin received investment in early 2022 from Mercado Livre, another company that has also started selling bitcoin through Mercado Pago, its fintech, but in partnership with Paxos.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
