Straight from Dublin, the capital of Ireland, Research And Markets this Wednesday (5) released a new market trend involving e-commerce companies in Brazil: creating their own cryptocurrencies.
The arrival of the news altcoins would be related to a search for new means of payment by companies in the sector.
According to the new research, the B2C e-commerce market in Brazil is expected to grow at an annual rate of 11.04% and is expected to exceed $56 billion by 2023.
This makes the local market attractive to companies, which are expected to experience strong growth until 2027.
Mercado Livre leads the growth in ecommerce platforms in Brazil and already has its own cryptocurrency, Mercado Coin
While I expect global players to increase their presence in Brazil in the coming years, the recent study by Research And Markets indicates that Mercado Livre is currently the regional leader.
For example, the study indicates that e-commerce platforms are launching their altcoins amidst the high popularity of bitcoin in Brazil. With that, they should start accepting payments in cryptocurrencies, with their own altcoins.
“The popularity of cryptocurrencies has increased significantly among consumers in Brazil over the past two years. Amid the growing adoption of bitcoin and other altcoins, ecommerce platforms are launching their own projects and enabling consumers to pay with their altcoins.
According to a press release from the study, which is being sold for 1,794 euros, the arrival of Mercado Coin as a loyalty program for 80 million Mercado Livre customers is driving a movement towards the adoption of cryptocurrencies in the region.
In the short to medium term, therefore, more companies should build on the innovation culture of the leading company in the region by adding similar new features to their structures.
CEO of Mercado Livre recalls that the company has been investing in machine learning for many years
Notably, the region’s leading company is also keeping a close eye on the machine learning market, according to Wednesday’s research.
Considered an area of artificial intelligence, a hot topic after the arrival of ChatGPT, the investment in Machine Learning was confirmed on April 2, 2023 by the CEO of Mercado Livre himself, Marcos Galperin, on his Twitter.
According to him, Latin America still does not feature in the global investment charts in the sector, but his company has been conducting experiments.
“Latin America is not in these charts, but at Mercado Libre we have been investing in machine learning for years.”
Latin America does not appear in these charts, but in Mercado Libre we have been investing in machine learning for many years. https://t.co/qUF6nyDRAP
— Marcos Galperin (@marcos_galperin) April 2, 2023
That is, based on the premise that e-commerce companies should follow the innovations of the leaders, the adoption of cryptocurrencies and AI should increase in Brazil in the coming years.
Finally, the study names the companies Amazon Brazil, Americanas, Casas Bahia, Magazine Luiza, Mercado Livre, 99Food, iFood, James Delivery, Rappi, Uber Eats, AJ Mobilidade, CVC Brasil, Decolar Brasil and Flytour.
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.