Mercado Libre launches “Coin” its own cryptocurrency in Brazil

Despite being born in Argentina, Brazil was the chosen country by Mercado Libre for the launch of new services and innovations. It was there that he started with the ability for his clients to buy and sell cryptocurrencies. And it is in that market, as anticipated Clarione in January, that the company founded by Marcos Galperin will launch its own digital currency: Coin market.

The company made the announcement on Thursday. Mercado Coin will be available to all MercadoPago users in Brazil at the end of the month, as indicated Fernando Yunesthe company’s manager for Brazil, the Bloomberg agency reported.

Customers will be able to get Mercado Coin as reward after the purchase of some selected products in MercadoLibre and, at the same time, it is possible use for shopping on the platform.

Unlike bitcoin or ethereum, Mercado Coin will not initially be listed on any stock exchange, said Guilherme Cohn, senior manager of Corporate Development.

The company plans to make its cryptocurrency available customers in other Latin American markets at one point, they assured them, but they didn’t give dates.

Brazil will be one of the titles, but Mercado Coin is expected to reach Chile, Mexico, Uruguay and Paraguay as well. Argentina, initially, would not be the center of Mercado Libre’s attention for this cryptocurrency.

Given the sheer size of the brand, earlier this year, when MELI was preparing the launch of Coin, it was rumored that the company did not want to get involved in exchange rate discussions. “If an exchange rate other than the official exchange rate is taken to convert into dollars (cryptocurrencies), it will generate controversy and it is not what you want,” said a source familiar with the company.

Mercado Libre began offering the ability to buy and sell cryptocurrencies in Brazil at the end of 2021. Then, last January, it bought shares in two companies related to cryptocurrencies and blockchain technology: 2TM Group, the parent company of MercadoBitcoin.com and other companies and Paxos, a regulated blockchain infrastructure platform that underpins the development of Mercado Pago’s cryptocurrency experience in Brazil.

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