Mercado Libre shuts down Mercado Coin, ending its loyalty-driven crypto experiment
Mercado Libre is discontinuing its Mercado Coin cryptocurrency, ending its customer loyalty program starting April 17.Summary
E-commerce giant Mercado Libre is shutting down its proprietary cryptocurrency, Mercado Coin, nearly four years after launching it to incentivize customer engagement. Starting April 17, users will no longer be able to buy, sell, or earn cashback using the token within the ecosystem, though they can sell their existing holdings, use them as purchase credits, or have them automatically converted to local currency. Mercado Coin, built on the ERC-20 standard, was launched in August 2022 in Brazil and operated in partnership with crypto exchange Ripio. This move reflects a broader trend among large tech companies reevaluating branded digital assets. Despite this shutdown, Mercado Libre continues to support other crypto features through its digital wallet, Mercado Pago, including stablecoin transfers, and maintains over $38 million in Bitcoin on its balance sheet.
(Source：CoinDesk)