MercadoLibre's fintech terminates its cryptocurrency Mercado Coin
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An employee of e-commerce MercadoLibre works at the company's offices in Buenos Aires, Argentina September 6, 2024. REUTERS/Agustin Marcarian
SAO PAULO, March 31 (Reuters) - Mercado Pago, the fintech arm of e-commerce firm MercadoLibre, said on Tuesday it is discontinuing its cryptocurrency, called Mercado Coin, which it had launched in 2022 as part of its loyalty program.
* Clients in Brazil, the group's main market, earned MercadoCoins as cashback when buying products on the e-commerceplatform. * Mercado Pago said that since 2024 the focus has been onthe "Meli Dolar", a stablecoin priced in U.S. dollars at aone-to-one value available in Brazil, Mexico and Chile. * The move is part of the evolution of the company'sstrategy in the crypto universe, Mercado Pago said. * Remaining balances of Mercado Coin should be sold or usedfor purchases on MercadoLibre by April 17; if no action istaken, the balance will be converted to Brazilian reais.(Reporting by Andre Romani, Editing by Natalia Siniawski)
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