Online marketplace Mercado Libre, Latin America’s answer to Amazon, announced the launch of its own cryptocurrency today.
The company has launched Mercado Coin for customers in Brazil as an ECR20 token—the implemented standard for tokens created using the Ethereum blockchain. Users of the marketplace 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.
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 https://t.co/7kanuk6GLh
— Marcos Galperin (@marcos_galperin) August 18, 2022
“Mercado Coin is our new way of rewarding our users for their behavior within our ecosystem,” Mercado Libre said. “The more purchases of selected products they make, the more Mercado Coins they receive.”
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