Mercado Livre launches crypto in Brazil, leveraged on loyalty program

Mercado Livre has just announced the launch of its own crypto, Mercado Coin. The tool was developed by the company over the last 18 months and was launched in partnership with Ripio, which has a “crypto-as-a-Service” service. The amount of coins to be issued was not revealed, but it is expected to come out at an initial price of $0.10 and will vary according to supply and demand.

It may be just another crypto strategy among the many that companies have announced daily – but with the relevance of Mercado Livre in the ecommerce system, Mercado Coin not only has a better chance of getting started, but it can become a gigantic business. The platform has 84 million active users and a global sales volume that exceeds US$ 20 billion a year.

“We are looking at the long term, we are not thinking about the short-term fluctuations of this market. It is a huge universe that is being created. Looking ahead, we can’t imagine everything that will be possible to do. But for a vanguard and innovative company, it makes sense to enter and participate in this crypto ecosystem because many possibilities will be created”, said Fernando Yunes, vice president of Mercado Livre in Brazil, at a press conference.

Source: Value Pipeline