In Brazil, the Latin American e-commerce giant Mercado Libre has launched its Mercado Coin cryptocurrency.
The move is the latest in a string of optimistic crypto-related initiatives by the corporation, which is sometimes referred to as the Amazon of the LATM area. The firm started taking bitcoin (BTC) as payment last year. And in January of this year, the business invested in Mercado Bitcoin and Paxos, two of the region’s largest crypto exchange platforms.
The company also owns a fintech subsidiary known as Mercado Pago, which offers cryptocurrency exchange and wallet services. The business said this month that it will increase its BTC, Ethereum (ETH), and stablecoin trading capabilities.
In addition, the company now has its own cryptocurrency: an ECR20 token developed on the Ethereum network. The business will offer Mercado Coin as a tradable token on Mercado Pago. Initially, the company looks interested in using Mercado Coin as a loyalty incentive. The company said that “for now” it will not attempt to list the currency on significant exchanges outside of its ecosystem; but, its agreements with Mercado Bitcoin and Paxos might conceivably enable it to do so in the future.