A major retailer in Latin America, Mercado Libre, has repeatedly expressed interest in digital assets. Now the company has decided to launch its own token.
The MercadoCoin ERC-20 token will be launched as part of a loyalty program for Brazilian customers. They will be able to use MercadoCoin for purchases in the stores of the network, or use it as part of the company’s financial services. The cost of the token will be $0.10, and it will be possible to receive it as a cashback. In the future, it is planned to open a secondary market for the crypto asset.
MercadoCoin is already available to the retailer’s 500,000 customers, and by the end of August, the remaining 80 million Mercado Libre users in Brazil will also have access to it. It is not yet known whether the company will distribute its token to other countries in the region. At the same time, the crypto asset will be traded only on Mercado Pago’s own platform.
The company has previously stated that it plans to expand cryptocurrency services in Latin America. According to Mercado Libre representatives, digital assets help users maintain their purchasing power and diversify their investment portfolio.