Mercado Libre Launches Mercado Coin, Ethereum Cashback Token

Latin America’s leading online marketplace, Mercado Libre announced the launch of its own cryptocurrency at the end of August 18. This is a token for customers in Brazil as an ECR20 token. Users of the marketplace will be able to use it to earn cashback rewards.

Online marketplace Mercado Libre, Latin America’s answer to Amazon, announced the launch of its own cryptocurrency – Mercado Coin on August 18th.

The company has launched Mercado Coin for customers in Brazil as an ECR20 token—the implemented standard for tokens created using the Ethereum blockchain. Users of the marketplace will be able to use it to earn cashback rewards. 

“Mercado Coin is our new way of rewarding our users for their behavior within our ecosystem,(…). The more purchases of selected products they make, the more Mercado Coins they receive.”

Mercado Libre said

Mercado Coin will initially be valued at $0.10, but will be subject to market fluctuations. Argentinian cryptocurrency exchange Ripio developed the technology behind the token.

The idea is that customers will be able to use the cryptocurrency to buy things on the marketplace or trade it via the company’s fintech arm, Mercado Pago. Mercado Libre is the biggest online marketplace in Latin America and has put millions of dollars-worth of Bitcoin on its balance sheet. 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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