According to CoinDesk, Latin American e-commerce giant Mercado Libre (MELI) has announced the shutdown of its proprietary cryptocurrency, Mercado Coin, just under four years after its launch. Starting April 17, users will no longer be able to buy or sell Mercado Coin on the platform or earn cashback rewards in the token. Existing holders may choose to sell their tokens via the app, use them as credit for purchases on the Mercado Libre platform, or wait for the system to automatically convert the tokens into local fiat currency and deposit them into their accounts. Launched in Brazil in August 2022 and later expanded to other markets, Mercado Coin was positioned as a rewards token for shopping, built on the Ethereum ERC-20 standard, operated through the Mercado Pago digital wallet, and partnered with cryptocurrency exchange Ripio. The shutdown was communicated to users via notifications and email, with no official explanation provided for the decision.
Mercado Libre Announces Shutdown of Mercado Coin, Disables Features Starting April 17
TechFlowShare
Summary
Meme coin news: Mercado Libre has announced the shutdown of Mercado Coin, its native token, with features disabled as of April 17. Users can sell, use, or wait for automatic conversion to fiat. Launched in Brazil in 2022, the ERC-20 token operated through Mercado Pago and Ripio. On-chain news: No official reason was provided, but users received email and in-app notifications.
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