E-commerce Giant MercadoLibre Launches its Own Cryptocurrency MercadoCoin in Brazil
Mercadolibre has invested in Bitcoin and crypto companies. Now it will have its own crypto: Mercadocoin. On August 18, MercadoLibre Inc, a multinational e-commerce company based in Latin America, announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented in its loyalty program.
As reported by Reuters, the cryptocurrency will run on the Ethereum network as an ERC-20 token priced at $0.10 each. It will be used primarily for cashback and purchases inside MercadoLibre’s platform. The developer team also hinted at opening the token to the secondary market at some point, but did not elaborate on the idea.Starting August 18, the cryptocurrency will be available to more than 500,000 users in Brazil; however, the team expects to make it available to at least 80 million customers by the end of the month.
Source
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