Business

The Latin American MercadoLibre pulled out of Libra Association

The Argentinean unicorn was initially announced as a strategic partner due to its payments platform

  • Libra’s biggest interest in keeping MercadoLibre on board was its payments product, MercadoPago
  • After several dropouts, the cryptocurrency product doesn’t have any payment partner on its official list anymore

Despite the recent announcement made by Libra’s team telling that Facebook will move forward with the project, no matter which partners had already given up on the idea, the project suffered one more loss: the Argentinean unicorn MercadoLibre, according to Contxto.

Libra’s biggest interest in keeping MercadoLibre on board was related to its payments platform, MercadoPago. It means that now Libra Association doesn’t have any payment partner on their list to sustain the core business after that Mastercard, Visa, PayPal, and Stripe have also preferred not to move forward with the partnership

READ ALSO: MercadoLibre invests to improve logistics in Latin America by opening three new e-commerce distribution centers

From the initial Libra’s partners list, some of the biggest names that still remain on board are Uber, Lyft, Vodafone, and Coinbase.