"Mercado Libre introduced mercado coin in August 2022 as an ERC-20 asset on the Ethereum blockchain, aiming to engage everyday shoppers in the crypto space through a low-friction loyalty mechanism. Users earned the token as cashback on purchases and could spend or cash it out, but it remained largely within the Mercado Libre ecosystem without gaining traction elsewhere."
"Starting April 17, users will no longer be able to buy, sell, or earn mercado coin. Holders can either sell their tokens, spend their balance on Mercado Libre purchases, or do nothing, with any remaining balance automatically converted to Brazilian reais after the deadline."
"The decision to end the mercado coin program aligns with a broader trend among tech and e-commerce companies that introduced branded tokens during the 2021-2022 crypto expansion, as many are retreating from proprietary digital assets while expanding their exposure to established crypto infrastructure."
"Despite discontinuing mercado coin, Mercado Libre remains active in the crypto space, offering services like crypto buying and selling, stablecoin transfers, and holding over $38 million in bitcoin, including a $7.8 million BTC purchase disclosed in 2021."
Mercado Libre has announced the discontinuation of its mercado coin program, effective April 17. Introduced in August 2022, mercado coin was an ERC-20 token designed to engage everyday shoppers in crypto through cashback rewards. Users can no longer buy, sell, or earn the token, with options to sell, spend, or let balances convert to Brazilian reais. The decision reflects a trend among tech companies retreating from proprietary tokens while still engaging with established crypto infrastructure. Mercado Libre continues to offer crypto services and holds significant bitcoin assets.
Read at news.bitcoin.com
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