Mercado Libre, Latin America’s largest e-commerce company by market cap, announced the launch of its own cryptocurrency yesterday.

‎‎‏‏‎ ‎

The currency, Mercado Coin, will be part of its loyalty program and initially be available in Brazil. Clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.

‎‎‏‏‎ ‎

Mercado Libre expects the cryptocurrency to be available to its 80 million clients in Brazil by the end of August and said its plans to introduce it in other Latin American countries further down the road.‎‎‏‏‎ ‎‎‎‏‏‎ ‎

‏‏‎ ‎

Mercado Coin will only be tradable on Mercado Pago, the company’s digital payment platform, at an initial price of 10 cents before being “determined by the rules of market supply and demand."

Marcos Galperin @marcos_galperin

Hoy lanzamos Mercado Coin en Brasil, dándole mayor impulso a nuestro programa de lealtad y dando otro paso para democratizar la inclusión financiera en América Latina. MercadoLibre to create cryptocurrency as part of loyalty program MercadoLibre to create cryptocurrency as part of loyalty programSouth American e-commerce giant MercadoLibre Inc on Thursday announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented in Brazil as part of its loyalty program.reuters.com

August 18th 2022

374 Retweets3,071 Likes

‎‎‏‏‎ ‎

“Mercado Coin is our new way of rewarding our users for their behaviour within our ecosystem,” Mercado Libre said. “The more purchases of selected products they make, the more Mercado Coins they receive.”

‎‎‏‏‎ ‎

‎‎‏‏‎‎For more from us at Waivly, join our free fun-to-read and to-the-point newsletter enjoyed by hundreds of people across the internet every day of the week 👇