Last Updated on August 20, 2022 by Bitfinsider

The newly launched token, MercadoCoin, will be used as part of the E-commerce giant’s loyalty program for its Brazilian customers.

The cryptocurrency, according to MercadoLibre’s founder and CEO, Marcos Galperin, is a boost to the company’s loyalty program.

MercadoLibre stated that any customer in Brazil will be eligible to earn the cryptocurrency, which has an initial value of $0.10. Customers can earn the coin as cashback if they use the E-commerce giant’s platform to make purchases.

The coins accumulated can then be traded on MercadoPago (MercadoLibre’s financial services and digital payments platform for businesses and customers) or used to make other purchases.

MercadoLibre’s cryptocurrency is currently available to over 500,000 customers in Brazil and is expected to be adopted by the country’s entire client base of 80 million. So far, there has been no mention of expanding the cryptocurrency to other Latin American countries.

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