TechFlow News, March 31: According to CoinDesk, Latin American e-commerce giant Mercado Libre (MELI) announced it will shut down its proprietary cryptocurrency, Mercado Coin—just under four years after the token’s launch.
Starting April 17, users will no longer be able to buy, sell, or earn cashback rewards in Mercado Coin via the platform. Users holding existing balances may choose to sell the tokens through the app, use them as shopping credits on the Mercado Libre platform, or wait for the system to automatically convert the tokens into local fiat currency and deposit the proceeds into their accounts.
Mercado Coin launched in Brazil in August 2022 and later expanded to other markets. It was positioned as a reward token for shoppers, built on the Ethereum ERC-20 standard, operated via the Mercado Pago digital wallet, and developed in partnership with crypto exchange Ripio. Mercado Pago notified users of the shutdown via in-app notifications and email; however, the company has not provided an official explanation for the decision.
