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Mercado Bitcoin has declared that it will have access to USDC issued on the Stellar network. This integration will be helpful for the users as they will now be able to transact using USDC with lower fees, a fraction of one cent per transaction.
With this step, Latin America’s largest platform for cryptocurrencies enables users to choose the network that caters to their needs.
The CEO of Stellar Development Foundation, Denelle Dixon, highlights that USDC on Stellar is offering Mercado Bitcoin customers valuable interpretability and a truly borderless digital dollar. Further, the CEO states that they aim to create equitable access to the global financial system. This is a step forward for both organizations.
Mercado Bitcoin is among the largest cryptocurrency exchanges in the southern hemisphere and has the potential to introduce significant volume and liquidity to the Stellar Network.
Mercado Bitcoin To Provide The Same Asset Issued By Different Networks For The First Time
For the first time, the Mercado Bitcoin platform is providing the same asset issued by different networks.
The stellar network is quite popular for safe and cheap transactions as it’s considered the best choice for payments, tokenization, and issuance of real assets. In Q1, 2022, it has conducted an average of $8.6 million a day in payments. Stellar intends to launch native smart contracts that will enable the development of several applications by the end of the year.
Meanwhile, Mercado Bitcoin is the largest digital asset and alternative asset trading platform in Latin America and caters to over 3.5 million customers.
Last year Mercado Bitcoin Raised Funds Worth $200 Million.
Last year, Mercado Bitcoin has raised funds worth $200 million from the SoftBank Latin America Fund, revealed per 2TM, its parent company. The company used the funds to increase the scalability of the business and offerings and the investment in infrastructure to fulfill the rising demand in the region.
This fund-raising was the largest Series B round in the history of Latin America and the largest investment in a Latin America crypto company of SoftBank; with 2TM Group’s valuation at $2.1 billion; it is the eighth-most valuable unicorn in Latin America at the time.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
