On August 18, MercadoLibre made the announcement by posting it on their Twitter account with the following text:

"Today, we introduce Mercado Coin in Brazil, further enhancing our loyalty program and taking another step toward democratizing financial inclusion in Latin America," Mercado said in a press release. MercadoLibre has announced that they would be developing their own cryptocurrency as part of their loyalty program.

The MercadoCoin currency

The recently introduced cryptocurrency goes by the name MercadoCoin and is intended to be utilized as a component of the customer loyalty program that the e-commerce giant offers to its clients located in Brazil.

As per Marcos Galperin, founder and CEO of MercadoLibre, the cryptocurrency provides an advantage to the customer loyalty program run by the company.

During the launch of the cryptocurrency, MercadoLibre stated that every consumer in Brazil would be eligible to earn the cryptocurrency, which had a value of $0.10 at the time. Customers will be able to earn the coin as cashback, but in order to do so, they will need to make purchases through the E-commerce giant's platform.

The coins that have been acquired can subsequently be used for trading on MercadoPago, which is MercadoLibre's network for providing financial services and digital payments to both individuals and businesses, or for making other types of purchases.

The cryptocurrency offered by MercadoLibre is currently accessible to over 500,000 users in Brazil, and it is anticipated that the whole customer base of 80 million users in the country will eventually accept the cryptocurrency. However, there has been no discussion of expanding the use of the cryptocurrency to any other Latin American nations as of yet.

The article MercadoLibre, a behemoth in the Brazilian e-commerce market, has launched its own cryptocurrency first published on CoinJournal.com.