MercadoLibre to create cryptocurrency as part of loyalty program

By Thomson Reuters Aug 18, 2022 | 8:30 AM

SAO PAULO (Reuters) -South American e-commerce giant MercadoLibre Inc on Thursday announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented as part of its loyalty program.

MercadoLibre told a news conference clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.

They will then be able to use the digital currency, which follows Ethereum’s ERC-20 token standard, for fresh purchases or trade it on the company’s financial services unit MercadoPago.

(Reporting by Andre Romani; Writing by Gabriel Araujo; Editing by Steven Grattan and Tomasz Janowski)