The logo of Argentine online marketplace MercadoLibre is seen in this undated handout illustration distributed to Reuters on July 27, 2022. Mercado Libre/Handout via REUTERS/File Photo
SAO PAULO, Aug 18 (Reuters) - South American e-commerce giant MercadoLibre Inc (MELI.O) on Thursday announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented in Brazil as part of its loyalty program.
MercadoLibre told a news conference that clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.
They will then be able to use the digital currency, which follows Ethereum's ERC-20 token standard, for fresh purchases or trade it on the company's financial services unit MercadoPago.
The move comes as competition in Brazil's e-commerce increases, with Sea Ltd's (SE.N) Shopee reporting a 270% revenue jump in the country in the second quarter and China's AliExpress also gaining ground there.
It also follows a slump in crypto markets that...
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