Mercado Libre, a major retailer in Latin America, has already repeatedly expressed interest in digital assets. Now the company has decided to launch its own token.
The ERC-20 standard MercadoCoin token will be launched as part of a loyalty program for Brazilian customers. They will be able to use MercadoCoin for purchases in the chain’s shops or use it as part of the company’s financial services. The token will cost $0.10 and will be available as a cashback. A secondary market for the crypto-asset is also planned for the future.
MercadoCoin is already available to the retailer’s 500,000 customers, and by the end of August the remaining 80 million Mercado Libre users in Brazil will have access to it. It is not yet known whether the company will roll out its token to other countries in the region. The crypto-asset will only be traded on Mercado Pago’s own platform.
Earlier, the company said it plans to expand its cryptocurrency services in Latin America. According to Mercado Libre, digital assets help users maintain their purchasing power and diversify their investment portfolio.
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