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Mercado Coin: Mercado Livre announces its own token

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Mercado Livre, one of the largest marketplaces in Latin America, announced this Thursday (18) the launch of its own token called Mercado Coin. According to the company’s announcement, the digital asset is an ERC-20 standard built on the Ethereum network.

It will be possible to purchase the token directly on Mercado Pago, the payment fintech of Mercado Livre, which has been offering a service for the purchase, sale and custody of cryptocurrencies since November last year.

The initial price of the Mercado Livre token will be $0.10. That is, about R$ 0.52 at the current exchange rate in reais. However, the price may fluctuate depending on market demand.

Also according to the announcement, Mercado Livre customers will receive tokens when purchasing products with the Mercado Coin cashback system. In addition, they will be able to use the digital asset to pay for products on the Free Market.

“We were born with Mercado Coin linked within the Mercado Livre system, as a cashback system, but it was developed for the Mercado and will be traded in other places. The future brings several opportunities for Mercado Coin and this is just the beginning”, highlighted Fernando Yunes, leader of Mercado Livre in Brazil.

Coin Market

Mercado Livre reported that the company’s own token has been in development for over a year. The project results from a partnership between the company and the cryptocurrency exchange Ripio.

For now, the token will only be available for trading on Mercado Pago. But due to the partnership with the exchange, it should soon be listed on Ripio’s platform.

Also according to Mercado Livre, before the launch, the company contacted national regulators, such as the Central Bank and the Securities and Exchange Commission (CVM) and guaranteed that it will follow the Know Your Customer (KYC) procedures and respect the rules of the national financial system

This news is being updated

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