“Mercado Coin is added as an innovative tool that enriches our loyalty program and generates a new experience within the platform. This product adds value to our millions of users since the more actions they perform within the platform, the greater the amount of Mercado Coin they receive. We are very excited about this launch for our ecosystem”, affirmed Fernando Yunes, Senior Vice President of Mercado Libre in Brazil.
Mercado Coin was developed under Ethereum’s ERC-20 protocol, a standard that monitors all transactions for compliance with security regulations. It is designed to be used virtually and its value can go up or down depending on demand.
“The blockchain technology behind Mercado Coin allowed us to develop an open and extremely secure solution. We continue to closely follow the evolution of crypto assets and the blockchain platform, as we believe in the potential of these tools to simplify operations, connect and promote the financial development of people”, commented Guilherme Cohn, Senior Manager of Corporate Development at Mercado Libre.
The MercadoLibre cryptocurrency will have an initial value of $0.10 per unit and will be open to market fluctuations. MercadoCoin will be available to 500,000 customers in Brazil starting Thursday and is expected to reach the company’s total user base of 80 million in the country by the end of August.
The company said it did not yet know when MercadoCoin would expand to other Latin American countries. and that, for now, the digital currency will not be traded on other platforms outside of MercadoPago.
The crypto world for Mercado Libre
Mercado Libre monitors the global growth of blockchain technology and the crypto world since its inception as a tool to simplify operations and connect people. In recent years, the company has been taking firm steps in this direction:
- It took positions for US$30M as a store of value in crypto;
- It launched a site in Argentina that includes real estate publications whose sellers accept cryptocurrencies to carry out an operation;
- It invested in two companies in the sector, Paxos and Mercado Bitcoin, to continue promoting the development and use of crypto and blockchain technology in the region;
- Since December 2021, it began to offer in Brazil the service of buying, selling and hoarding cryptocurrencies from Mercado Pago, simplifying and democratizing access to all users.
Source: Ambito
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