Yesterday Latin American online retailer MercadoLibre announced the launch of its own cryptocurrency, MercadoCoin, to be used as part of its loyalty program, initially in Brazil.
Users will earn MercadoCoin in a similar way to cashback when they make online purchases. Customers can redeem the tokens against purchases or trade them on the MercadoPago crypto exchange (only), which the company launched in late 2021.
MercadoLibre is part retail, part fintech, with $8.5 billion in e-commerce sales and 82 million visitors in the quarter to June 30. Its fintech arm MercadoPago posted $30 billion in payment volumes during the same period. In some ways, the company is a mix of Amazon and Block (formerly Square) for the Latin American region with a significant mobile Point of Sale footprint.
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