According to Huoxing Finance, on March 31, Latin American e-commerce giant Mercado Libre announced it will shut down its platform token, Mercado Coin, on April 17, ending its nearly four-year user-incentive cryptocurrency experiment. After this date, users will no longer be able to buy or sell the token or earn cashback rewards through spending, but they can still sell tokens within the app for shopping discounts or wait for automatic conversion into local fiat currency. Mercado Libre stated it will continue to support stablecoin transfers and cryptocurrency trading functionalities, and still holds over $38 million in BTC on its balance sheet.
Latin American e-commerce giant Mercado Libre to shut down Mercado Coin platform token
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Summary
Latin American e-commerce giant Mercado Libre will shut down its platform token, Mercado Coin, on April 17, ending nearly four years of a user incentive-based crypto experiment. Users will no longer be able to buy or sell the token or earn cashback rewards. They can still sell the token within the app, use it for discounts, or wait for automatic conversion to local fiat. Mercado Libre will continue to support stablecoin transfers and crypto trading, with over $38 million in BTC on its balance sheet. Traders assessing risk-to-reward ratios and technical analysis in crypto may view this as an indicator of shifting priorities in the space.
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