Latam Giant Mercado Libre Launches Mercadocoin in Brazil
Latam Giant Mercado Libre Launches Mercadocoin in Brazil
Mercado Libre, a leading Latam-based e-tailer, has announced the launch of its own token, called “Mercadocoin,” for Brazilian customers. The token will be the main reward of a loyalty program on Mercado Libre’s platform and will be awarded to customers that purchase certain items linked with the token. The token will have an initial value of $0.10. Mercado Libre to Launch Mercadocoin Token to Power Loyalty Program
Mercado Libre, a retailer and financial services unicorn in Latam, has announced the inclusion of cryptocurrency as a part of its royalty program. The company announced the launch of its own token, denominated mercadocoin, that will be used to power its rewards to users. The token, to be issued on top of Ethereum, will be given to users that purchase certain articles on Mercado Libre’s platform identified with the loyalty program.
The program, which is already being implemented, will include Brazilian customers only, though the company aims to extend it to other countries in Latam. However, Mercado Libre did not offer any details regarding this expansion. This initial phase will include only 500,000 people, but it aims to reach the full 80 million customers before September. Token Details
Mercadocoin will be launched at a price of $0.10 first, and then the company will allow it to float in the market. While Mercado Libre does not have plans to list the new token on external exchanges, it is an ERC-20 token, and parallel markets can be funded in different decentralized exchanges such as Uniswap.
Reuters explains that this token initiative seeks to improve the situation that the e-tailer giant is facing in Brazil, having fierce competition from emerging foreign companies like Alibaba and Sea Ltd, whose sales numbers have increased significantly.
The mercadocoin token will have two different uses: It will serve as a means of payment for articles on the platform, and users will also be able to integrate with the trading services of Mercado Pago, and exchange it for other crypto assets.
Mercado Libre’s crypto foray started last year, with the company launching trading services in November in Brazil. This month, the company announced it would extend these trading services to more countries in Latam.
Marcos Galperin, the founder of Mercado Libre, is also a big believer in cryptocurrencies, having declared that bitcoin was a better store of value than gold, but questioning its use due to the power needed to send or receive bitcoin. Tags in this story Brazil, Cryptocurrency, ERC-20, Ethereum, Marcos Galperin, mercadolibre, token mercadocoin
What do you think about Mercado Libre’s new rewards token? Tell us in the comments section below. Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Bitcoin Miners Take in Bear Rally Profits by Selling More Than 6,000 BTC Since August 1 NEWS | 12 hours ago Whitepay Introduces Crypto Payments to Ukraine’s Tech Stores NEWS | 23 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider / Shutterstock.com Previous articleIndian Police Search for Bitconnect Founder After the US Indicted Him for Defrauding Crypto Investors Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin