A brand-new cryptocurrency dubbed MercadoCoin has been created and will be used in <a href="https://www.cryptoknowmics.com/news/new-bill-calls-for-all-gold-mined-in-brazil-to-be-tokenized-on-blockchain/" target="_blank" rel="noopener">Brazil</a> as part of MercadoLibre Inc's (MELI.O) loyalty program, according to an announcement made on Thursday by the largest e-commerce company in South America.

At a press conference, MercadoLibre declared that customers would receive cashback from MercadoCoins for making purchases on the online store. After that, they can make new purchases with the virtual currency, which adheres to Ethereum's ERC-20 token standard, or trade it on <a href="https://www.mercadopago.com.ar/" target="_blank" rel="nofollow noopener">MercadoPago</a>, the company's financial services division.
<h2>MercadoLibre Prioritizing Long-Term Potential</h2>
The decision comes as competition in Brazil's e-commerce market heats up, with China's AliExpress and Sea Ltd's Shopee claiming a 270% revenue increase there in the second quarter. It also comes after a decline in cryptocurrency markets earlier this year, which saw the collapse of industry titans like <a href="https://www.cryptoknowmics.com/news/celsius-receives-permission-to-sell-mined-bitcoin/" target="_blank" rel="noopener">Celsius</a> and Voyager. Fernando Yunes, the country head for MercadoLibre, asserted that the company prioritized long-term potential over cyclical market fluctuations.
<h2>MercadoLibre's Cryptocurrency</h2>
The cryptocurrency issued by MercadoLibre will have an initial value of $0.10 before being subject to market fluctuations. Beginning on Thursday, it will be accessible to 500,000 clients in Brazil, and by the end of August, it should have reached all 80 million of the company's clients there. The company acknowledged that it was still unsure exactly when it would bring MercadoCoin to other <a href="https://www.cryptoknowmics.com/news/latams-btg-pactual-launches-bitcoin-crypto-exchange/" target="_blank" rel="noopener">Latin American</a> nations besides Brazil. However, they highlighted that MercadoPago would be the only place to trade digital currencies.

MercadoLibre Announces Crypto Creation As Part Of Loyalty Program

A brand-new cryptocurrency dubbed MercadoCoin has been created and will be used in Brazil as part of MercadoLibre Inc's (MELI.O) loyalty program

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

MercadoLibre Announces Crypto Creation As Part Of Loyalty Program

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