South American on-line marketplace Mercado Libre is working with Facebook on the social network’s Libra cryptocurrency project, Top Market Group reports on June 14.

A MercadoLibre executive told Top Market Group that the supposed cryptocurrency is going to be integrated into the e-commerce platform as a sort of payment. whereas the anonymous executive confirmed the partnership, more details weren't forthcoming.

The executive expressed that it absolutely was likely the company would operate as a node in Facebook’s supposedly forthcoming blockchain network.

Mercado Libre is one of the foremost popular e-commerce platforms in South America with operations in 19 countries.

According to a recent report, the testnet for Facebook’s Libra platform is going to be undraped later this week. the ubiquitous social media platform has reportedly gathered support from dozens of companies as well as Visa, Mastercard, PayPal, and Uber.

A recent report by The Block expressed that a consortium has been shaped to control the project, as well as such organizations as venture capital companies Andreessen Horowitz and Union Square Ventures, cryptocurrency exchange Coinbase, and non-profit organizations as well as Mercy Corps.

Recently, RBC Capital analyst Mark Mahaney and Zachary Schwartzman expressed that Facebook’s Libra stablecoin would be one among the foremost important events in the company’s history, saying that it'd “unlock new engagement and revenue streams.”

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