Mercado Libre launches its own Ethereum cashback token

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Online marketplace Mercado Libre, the Latin American answer to Amazon, today announced the launch of its own cryptocurrency.

The company launched Mercado Coin for customers in Brazil as an ECR20 token, the implemented standard for tokens created using the Ethereum blockchain. Market users will be able to use it to earn cashback rewards.

Mercado Coin will initially be valued at $0.10, but will be subject to market fluctuations, the company said.

“Mercado Coin is our new way of rewarding our users for their behavior within our ecosystem,” Mercado Libre said. “The more selected products they buy, the more Mercado coins they receive.”

Argentinian cryptocurrency exchange Ripio developed the technology behind the token.

Mercado Libre CEO and Founder Marcos Galperin said on Twitter, “Today we launched Mercado Coin in Brazil, further strengthening our loyalty program and taking another step towards democratizing financial inclusion in America. Latin”.

The idea is that customers will be able to use the cryptocurrency to buy things on the market or trade them through the company’s fintech arm, Mercado Pago.

Mercado Libre also stated that the token would not be available for purchase on other platforms outside of Mercado Pago.

Mercado Libre is the largest online marketplace in Latin America and has put millions of dollars of Bitcoin on its balance sheet.

In January there was rumors Mercado Libre was working on releasing its own stablecoin, but this was never confirmed by the company.

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