MercadoLibre To Create Cryptocurrency As Part Of Loyalty Program
NDTV
MercadoLibre said that clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.
South American e-commerce giant MercadoLibre Inc on Thursday announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented in Brazil as part of its loyalty program.
MercadoLibre told a news conference that clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.
They will then be able to use the digital currency, which follows Ethereum's ERC-20 token standard, for fresh purchases or trade it on the company's financial services unit MercadoPago.
The move comes as competition in Brazil's e-commerce increases, with Sea Ltd's Shopee reporting a 270% revenue jump in the country in the second quarter and China's AliExpress also gaining ground there.
