E-commerce company, MercadoLibre Inc., has announced the creation of new crypto known as MercadoCoin. As revealed, the new crypto will be available to customers in Brazil. The MercadoCoin is based on the Ethereum blockchain, thus, making it suitable for the ERC-20 token standard.
The Argentina-based organization didn’t reveal if other countries in Latin America would be opportune to use the MercadoCoin. According to the announcement, crypto will become available in the country as part of the MercadoLibre loyalty program. However, the firm added that using the token on its e-commerce outlet will attract certain incentives. These incentives include receiving the MercadoCoins as cashback.
Also, customers can use the MercadoCoins they got as cashback to buy more products on the platform. In addition, they can also trade them on MercadoPago, a financial services division of MercadoLibre. Meanwhile, the token’s price will be pegged at $0.10 before subjecting it to the volatility of the crypto space. The e-commerce firm intends to distribute the token to about 80 million of its customers in Brazil before the end of the month. Though, the token is only available to just 500,000 customers of the firm in Brazil.
Before now, the organization has been following the global trend regarding the enhancement of blockchain and other virtual assets. Senior Vice President of Strategy and Corporate Development of MercadoLibre, Andres Chaves, reflected on the initiative. Chaves opined that as a prominent technology firm, MercadoLibre is exploring the lucrative of the blockchain and virtual assets sector.
Chaves admitted that the firm is working to become a major player in the virtual assets industry. He added that blockchain and virtual assets offer unique global characteristics that eliminate obstacles and create numerous opportunities.
Chaves said that the attributes are in unison with MercadoLibre’s mission as an organization. Currently, the firm disclosed that the token would only be available for trading exclusively on MercadoPago. MercadoLibre added that it’s not sure when the token will expand to other countries in the region.
The firm’s decision to venture into the crypto project is an attempt to stay ahead of the emerging competition in the country. Lately, the e-commerce sector has been generating massive attention in Brazil. According to Shopee, the sector recorded about 270% revenue recrement in the second quarter of 2022.
Consequently, the sector has experienced the presence of another leading e-commerce giant from Asia, Alibaba. Aside from that, the global e-commerce sector is gradually witnessing firms’ daily adoption of crypto. These factors compelled MercadoLibre to join the industry.
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