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E-commerce giant MercadoLibre launches its own cryptocurrency MercadoCoin in Brazil

Mercadolibre has invested in Bitcoin and crypto companies. It will now have its own cryptocurrency: 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 the program. present its loyal customers.

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 refunds and purchases within MercadoLibre’s platform. The dev team also hinted at opening the token to the secondary market at some point, but didn’t elaborate on the idea:

The MercadoLibre cryptocurrency will be initially valued at $0.10 per person before opening the door to market volatility.

MercadoCoin will be available in 80 million accounts

Starting August 18, the cryptocurrency will be available to over 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.

Currently, the company has no plans to launch in other regions, as it will be a challenge to comply with all the different regulatory procedures required to operate in other countries. This is of prime importance, considering how different the politics of cryptocurrencies in Latin America are. Countries like El Salvador, Brazil, and Venezuela are more crypto-friendly, but others like Bolivia, Ecuador, or Chile take the opposite stance.

Marcos Galperin, CEO and founder of MercadoLibre, said via his official Twitter account that the new initiative will boost the company’s loyalty program and help “democratize inclusion” financial inclusion in Latin America”.

Hoy lanzamos Mercado Coin en Brasil, mayor of Cándole, promotes a nuestro programma de lealtad y dando otro paso para Democratizar la inclusión financiera en América Latina.

MercadoLibre to generate crypto as part of loyalty program https://t.co/7kanuk6GLh

  • Marcos Galperin (@marcos_galperin) Aug 18, 2022

Mercadolibre continues to bet on the crypto market

As reported by CryptoPotato, MercadoLibre entered the crypto world last year when it launched a wallet that allows Brazilian users to buy and sell cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). .

However, earlier this week, Osvaldo Gimenez, CEO of Mercado Pago, said that they will expand the service to the entire Region allowing all users to store, sell or buy cryptocurrency without require a bank, exchange or third-party broker.

We will expand in the Area the ability to buy, sell and have crypto in your account. It works with Bitcoin, Ethereum and stablecoins that reflect the value of the dollar.

According to Gimenez, the use of cryptocurrencies through MercadoPago will have a meaningful impact in the Region, as many people are unbanked or primarily use them to withdraw cash, so it is an “investment opportunity.” ” for those who are looking for an alternative to fiat money.

This is an alternative investment opportunity that we find very interesting and generate a lot of interest from users. At a time when the dollar is appreciating, the investments that users have with us are small and for us it’s one more way to diversify their portfolio.”

Besides MercadoCoin and crypto wallet, Mercadolibre has also invested in Bitcoin as a company, is a strategic investor in Paxos and one of the largest cryptocurrency exchanges in Brazil, and is one of The members of the Libra Association are now defunct through its fintech arm, MercadoPago.

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