Faced with an increase in electronic commerce in Brazil, the South American giant, Mercado Libre has decided to implement the creation of a digital currency as part of a loyalty program which will reward customers with the ERC-20 token called “Mercado Coin” that will be valued at $0.10 each before being open to fluctuation on digital asset exchanges.
What purpose does Mercado Coin have?
Although Mercado Libre was born in Argentina, initially it is in Brazil where the option was developed so that customers could buy, sell and hold cryptocurrencies using their digital wallets; Faced with a fairly important acceptance and the creation of a cryptographic structure, Mercado Libre goes to the next level with its own digital asset.
According to statements, customers will get these tokens as cashback when purchasing products on the platform and can then use them to purchase new products or exchange them for points in “Mercado Pago”.
Will Mercado Coin only be available in Brazil?
Initially It will be available to 500,000 users in Brazil and it is estimated that it can reach the total customer base of 80 million people. at the end of August. But the expansion process is planned to reach countries like Chili, Mexico, Uruguay Y Paraguay.
In addition, the company is expected to expand the rewards with its cryptocurrency to all countries where the platform is used, since the objective is to distribute the “new cryptocurrency” to achieve greater customer loyalty.
Although “Mercado Coin” is a digital asset, it will not initially be listed on any cryptocurrency exchange as according to Guilherme Cohn, senior manager of Corporate Development at MercadoLibre, they plan to first make the token available to customers on MercadoLibre platforms. in several Latin American countries to then think about the possibility of opening up to the current financial markets.
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