E-commerce giant Mercado Libre launches private cryptocurrency

  • Market participants will be eligible to receive rebates on their purchases using the token.
  • The technology underlying the token was created by Ripio.

e-commerce giant, free marketlaunched its own digital currency. As an ECR20 token, the established standard for tokens developed on the Ethereum blockchain, the company released Mercado Coin to consumers in Brazil. Market participants will be eligible for rebates on their purchases.

The company said that the initial value of the Mercado coin will be $0.10, but this value may change according to market conditions. The technology behind the token was created by Gravelwhich is an Argentine cryptocurrency exchange.

The company said:

“Mercado Coin is our new way to reward our users for their behavior within our ecosystem. The more they purchase from selected products, the more Mercado Coins they receive.”

Loyalty promotion program

Customers will be able to use cryptocurrency via the company’s fintech division, Mercado Pago, to make purchases or engage in cryptocurrency trading on the market. Since it is difficult to comply with many of the government processes required to operate in other countries, the company currently has no intention of expanding into other regions.

Marcus Galperin, CEO and Founder of Mercado Libre said:

“Today we launched Mercado Coin in Brazil, further strengthening our loyalty program and taking another step towards the democratization of financial inclusion in Latin America.”

Moreover, Mercado Libre said that the token will not be sold in other markets except for Mercado Pago. Mercado Libre, the largest online marketplace in Latin America, has recorded bitcoin holdings totaling millions of dollars. There was a grumble in January that Mercado Libre was developing its own stablecoin, but the company has not officially acknowledged this.

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