Mercado Libre Broadens Crypto Offerings in Brazil

Latin American e-commerce company has launched a token aimed at generating crypto rewards as cashback on purchases


Source: Shutterstock


key takeaways

  • Mercado Libre’s MercadoCoin is available to 500,000 users, with a further 80 million expected by month’s end
  • The token lets users earn crypto rewards as cashback on purchases and pay for goods on Mercado’s e-commerce platform

Latin American e-commerce company Mercado Libre has launched a token in Brazil, aimed at generating crypto cashback rewards on purchases, as well as the ability to pay for goods on its platform.

Dubbed MercadoCoin, the Ethereum-based token is tradable via the company’s digital payments platform, Mercado Pago. The endeavor is part of its loyalty program, designed to attract and retain customers.

Reuters first reported the news on Thursday, citing a press conference. Blockworks attempted to contact Mercado but did not immediately receive a response.

Mercado’s crypto pursuits can be viewed as a savvy play on the region’s high adoption rates of digital assets. Latin America has continued to capture between 8% and 10% of global cryptocurrency activity, according to Chainalysis’ research, reported in March.

Emerging markets face considerable currency devaluation resulting from high rates of inflation, driving locals to purchase crypto on P2P platforms in a bid to preserve their savings.

While crypto valuations have been impacted by the recent market rout spurred on by overleveraged lenders and a swing to bearish sentiment, the nascent asset class’s popularity in the region remains high.

The e-commerce giant began offering users access to bitcoin, ether and Paxos’ stablecoin PAX in December of last year after it partnered with the crypto service provider. Mercado also purchased a stake for an undisclosed sum in crypto exchange’s parent holding company 2TM and Paxos as a shareholder in January.

MercadoCoin is expected to be valued at $0.10 before being floated on the open market, Reuters reported. The crypto is available to 500,000 customers in Brazil, where it is anticipated to reach more than 80 million people by the end of the month.

The company also said the token will only be available to Brazilian nationals, with no timeframe given on an expansion to other Latin American countries. Despite using the ERC-20 token standard, trading will be limited to its Mercado Pago platform until further notice, Reuters reported.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Do Kwon may miss the start of the March 25 trial in the SEC’s case against the former executive and Terraform Labs


Riot Platforms bought 31,500 more mining machines while CleanSpark has begun operating in Mississippi


Dencun was activated on all testnets, a blog post Tuesday said


Hut 8 also announced it broke ground on a Texas mining site


Uniswap aims to become a “complete platform for swapping” following its latest product releases


Continued demand for bitcoin ETFs coupled with greater demand for bitcoin from exchanges is contributing to price moves, analysts say