E-commerce giant launches a new cryptocurrency as reports state.
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The news coin, called MercadoCoin, is developed by MercadoLibre Inc, a company centered in Latin America. The development of the coin, which will be integrated into the loyalty program of the company, was announced on August 18.
E-commerce Giant Launches A New Cryptocurrency – MercadoCoin
According to Reuters, the cryptocurrency would operate on the Ethereum network as an ERC-20 token priced at $0.10 per token. It will mostly be used for cashback and purchases on the MercadoLibre marketplace. The developer team also mentioned at some time introducing the token to the secondary market, but did not elaborate:
“MercadoLibre’s cryptocurrency will be initially valued at $0.10 apiece before being open to market fluctuation.”
Will Be Available In 80M Accounts
The cryptocurrency (MercadoCoin) will be available to more than 500,000 users in Brazil beginning on August 18; however, the team expects it to be available to at least 80 million clients by the end of the month.
For the time being, the firm has no intentions to expand into other regions since it would be difficult to comply with all of the many governmental procedures required to operate in other nations. This is critical, given how diverse the crypto policies in Latin America are. Countries like El Salvador, Brazil, and Venezuela are more crypto-friendly, whilst others such as Bolivia, Ecuador, and Chile are not.
MercadoLibre CEO and Founder Marcos Galperin stated on his official Twitter account that this new project will strengthen the company’s loyalty program and assist democratize financial inclusion in Latin America.
Hoy lanzamos Mercado Coin en Brasil, dándole mayor impulso a nuestro programa de lealtad y dando otro paso para democratizar la inclusión financiera en América Latina.
MercadoLibre to create cryptocurrency as part of loyalty program https://t.co/7kanuk6GLh
— Marcos Galperin (@marcos_galperin) August 18, 2022
Betting On The Crypto Market
MercadoLibre entered the cryptocurrency market last year when it released a wallet that allowed Brazilian customers to buy and sell cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) (USDT).
However, Osvaldo Gimenez, CEO of Mercado Pago, said earlier this week that they will expand this service to the whole Region, allowing all customers to store, trade, or purchase cryptocurrencies without the need for third-party banks, exchanges, or brokers.
“We will be expanding in the Region the possibility to buy, sell and have cryptocurrencies in your account. It works with Bitcoin, Ethereum and stable currency that reflects the value of the dollar.”
According to Gimenez, utilizing cryptocurrencies through MercadoPago will have a significant influence in the Region since many people are unbanked or just use them to withdraw cash, making this an “investment opportunity” for individuals searching for an alternative to fiat money.
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