E-Commerce Giant Mercado Libre Debuts An Ethereum-Powered Coin In Brazil
Mercado Libre, a Latin American e-commerce company, has launched its crypto asset, Mercado Coin, in Brazil. The company, sometimes called the Amazon of the LATM area, has been making bullish moves in the crypto space, which is the latest.
The firm started taking bitcoin (BTC) as payment last year. In January this year, the business invested in two of the region's largest cryptocurrency exchange platforms: Mercado Bitcoin and Paxos.
The company also has a fintech component, Mercado Pago, which offers crypto exchange and wallet services. This month, the business announced that it would broaden the scope of its BTC, ETH, and stablecoin trading options.
And the company now has its coin: an ECR20 token based on the Ethereum network. Initially, the business seemed interested in using Mercado Currency as a loyalty benefit. Still, the corporation plans to handle the coin as a full-fledged crypto asset, listing it as a tradeable token on Mercado Pago.
The company said that it will not attempt to document the currency on significant exchanges outside of its ecosystem ” for the time being,” but that its connections with Mercado Bitcoin and Paxos may conceivably enable it to do so in the future.
To create the coin, the company collaborated with another cryptocurrency exchange, Argentina's Ripio. The coin's initial value would be USD 0.10, but it will be "subject to market volatility."
The corporation gave 500,000 of its Brazilian clients access to the currency yesterday. However, it anticipates that all 80 million of its users in the nation will have full access by the end of the month.
The corporation was cited as saying that it "still does not know" when it could aim to extend Mercado Coin's reach to other Latin American countries.
Mercado Libre described the currency as "rewarding consumers for their behavior" inside its "environment," adding that those who spent more money will earn better coin benefits.Mercado Coin will "further improve" the e-commerce platform's "loyalty program," and the company is "taking another step to democratize financial inclusion in Latin America."
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