In their quest to release their much-awaited cryptocurrency, Facebook has been consistently active in the virtual asset ecosystem over the past few days. Facebook had recently announced the introduction of the Libra Association on June 18th, which was indicated to be the operating unit of Libra crypto.
Now, according to Cointrust.com, Facebook is collaborating with Mercado Libre, an e-commerce portal that provides services in South America and currently operates in more than 19 countries.
The report stated that an anonymous executive of Mercado Libre revealed that the virtual asset associated with Facebook would be integrated within the e-commerce platform and it would be enabled to serve as a mode of payment for the purchase of goods on its platform.
The newly established pact could have massive potential output in terms of rapid expansion of the yet-to-be released Facebook crypto, since the option to use the asset would be available to a large part of South America.
A recent report had suggested that the testnet for Facebook’s Libra coin would be released this week and there was also news that the social media giant had already gathered massive support from top financial firms and companies such as PayPal, Mastercard, Uber, and Visa.
Facebook’s crypto has been the “talk of the town” in the virtual asset space over the past couple of weeks, with many speculating whether Facebook’s crypto would be a threat to Bitcoin or not.
Mark Mahaney and Zachary Schwartzman, RBC Capital analysts, also opined on the impending launch and said that Facebook’s Libra coin would be a revolutionary event in the company’s history, claiming that the initiative would “unlock new engagement and revenue streams.”
However, the community remains convinced that the launch will hardly hinder Bitcoin’s prominence in the market. Instead, many have suggested that Facebook’s crypto will accelerate Bitcoin adoption.