Odaily Planet Daily reports that Latin American e-commerce giant Mercado Libre has announced the closure of its proprietary cryptocurrency, Mercado Coin, ending a nearly four-year user incentive experiment.
Starting April 17, users will no longer be able to buy, sell, or earn Mercado Coin through cashback; the token’s core functions on the platform have been officially discontinued. However, users may still choose to sell their held tokens, use them for shopping discounts, or wait for automatic conversion into local fiat currency.
Mercado Coin was launched in Brazil in 2022, built on the Ethereum ERC-20 standard, initially designed to reward platform spending and managed through the Mercado Pago wallet, with circulation supported in partnership with the exchange Ripio.
This shutdown reflects how major tech companies are reassessing the feasibility and long-term value of their own cryptocurrency assets (brand tokens). Nevertheless, Mercado Libre continues to maintain other crypto-related businesses, including stablecoin transfers and token trading features, and holds over $38 million in Bitcoin on its balance sheet.
The industry believes this signals a cooling of the "platform token" model, with more versatile stablecoins and infrastructure-focused products emerging as the dominant direction.