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HomeBlockchain NewsMercado Libre, an online marketplace, announced the launch of its own digital...

Mercado Libre, an online marketplace, announced the launch of its own digital currency today.

The company launched Mercado Coin to customers in Brazil as an ECR20 token – the standard applicable to tokens generated with the Ethereum blockchain. Market users will be able to use it to earn cashback rewards.

The company said Mercado Coin will be initially valued at $0.10, but will be subject to market volatility.

Mercado Libre said Mercado Coin is our new way to reward our users for their behavior within our ecosystem.” The more select products they purchase, the more Mercados they receive.”

Argentine cryptocurrency exchange Ripio has developed the technology behind the token.

“Today we launched Mercado Coin in Brazil, strengthening our loyalty program and taking another step towards the democratization of financial inclusion in Latin America,” Marcus Calperin, CEO and Founder of Mercado Libre said on Twitter.

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