Popular online marketplace Mercado Libre announces its own cryptocurrency! On August 18th, the CEO of Mercado Libre, Marcos Galperin, posted the news of Mercado Libre’s cryptocurrency, Mercado Coin, on Twitter.
On August 18th, Marcos Galperin, the CEO of Mercado Libre, announced that the online marketplace has its cryptocurrency, Mercado Coin. Users can get Mercado Coin as a cashback when using the platform. Then, they can use it to make purchases or trade it on Mercado Pago, the fintech of Mercado Libre. The coin itself follows the ERC-20 token standard. According to the company, initially, Mercado Coin will be valued at $0.10.
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
Marcos Galperin said in a translated tweet, “Today we launch Mercado Coin in Brazil, further boosting our loyalty program and taking another step to democratize financial inclusion in Latin America.”
He also emphasized that the launch of Mercado Coin is a part of the loyalty program.
The Crypto Situation in Brazil
Currently, the use of crypto is growing in Brazil. Some firms are involved in the crypto trading services, such as Nubank and XP. Banco Standander S.A., a Brazilian branch of Santander Bank, also announced its crypto trading platform last month.
Last year, Mercado Pago, the fintech of Mercado Libre, started to offer Brazilian customers the ability to buy, sell, or hold Bitcoin (BTC) or Ethereum (ETH).
Since then, many people in Brazil have been excited to see more development of crypto in the country. The recent news can also hint that the use of crypto is increasing. In the future, other companies may follow the same step.