MercadoLibre's fintech terminates its cryptocurrency Mercado Coin

Reuters04-01 03:32
<a href="https://laohu8.com/S/MELI">MercadoLibre</a>'s fintech terminates its cryptocurrency Mercado Coin

SAO PAULO, March 31 (Reuters) - Mercado Pago, the fintech arm of e-commerce firm MercadoLibre MELI.O, said on Tuesday it is discontinuing its cryptocurrency, called Mercado Coin, which it had launched in 2022 as part of its loyalty program.

  • Clients in Brazil, the group's main market, earned Mercado Coins as cashback when buying products on the e-commerce platform.

  • Mercado Pago said that since 2024 the focus has been on the "Meli Dolar", a stablecoin priced in U.S. dollars at a one-to-one value available in Brazil, Mexico and Chile.

  • The move is part of the evolution of the company's strategy in the crypto universe, Mercado Pago said.

  • Remaining balances of Mercado Coin should be sold or used for purchases on MercadoLibre by April 17; if no action is taken, the balance will be converted to Brazilian reais.

(Reporting by Andre Romani, Editing by Natalia Siniawski)

((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))

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