Home Crypto Ecommerce Giant Launches Own Crypto on Ethereum in Brazil

Ecommerce Giant Launches Own Crypto on Ethereum in Brazil

E-commerce gigant lanceert eigen crypto op Ethereum in Brazilië

Mercado Libre (MELI), Latin America’s largest e-commerce company, has launched the rollout of its own cryptocurrency in Brazil, the company announced Thursday. The coin, Mercado Coin, will enable the company’s 80 million users to make purchases and receive cashback.

Plans for wider use in Latin America

Mercado Coin will be tradable on Mercado Pago, the company’s digital wallet, at an initial price of 10 cents, which will be subject to market conditions, the company said. Members of loyalty programs can now get the cryptocurrency as a reward for purchases on the Mercado Libre marketplace.

Cryptocurrency exchange Ripio developed the technology for the cryptocurrency, which is built using the ERC-20 token standard on the Ethereum blockchain. Ripio is also responsible for taking care of the safekeeping and acting as the exchange for the Mercado Pago crypto transactions.

“The blockchain technology that Mercado Coin supports enabled us to deliver a secure and open solution,”

– Mercado Libre Chief Technology Officer Daniel Rabinovich

Mercado Libre expects the cryptocurrency to be available by the end of August and said it plans to introduce it in other countries “soon”, without providing further details.

Cryptocurrencies Increasingly Popular

The popularity of cryptocurrencies in Latin America has grown strongly recently, crypto news has already been shared about major developments at parties such as the Brazilian central bank, payment platform Picpay and Nubank.

In December 2021, Mercado Libre partnered with Paxos to provide users with the ability to bitcoin (BTC), ethereum and start trading the Pax Dollar stablecoin (USDP) via the Mercado Pago app. That feature gained 1 million users in 60 days.

In May last year, Mercado Libre bought $7.8 million worth of bitcoin. Argentina’s Mercado Libre is the first major Latin American company to add bitcoin to its reserves.

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