Mercado Libre is ending its Mercado Coin program, with users facing a deadline to manage their balances as the firm shifts focus to other crypto offerings.
Latin American e-commerce platform Mercado Libre is phasing out its Mercado Coin, a rewards-based token launched in August 2022 that allowed users to earn cash back on purchases.
Users must sell or spend their Mercado Coin balances through the Mercado Pago app by April 17, or the balances will automatically convert to Brazilian reals, according to a Reuters report.
Brazil has been the primary market for Mercado Coin, enabling customers to accumulate tokens as rewards for shopping on the platform, often compared to Amazon in the region.
Continued Crypto Initiatives
Despite ending Mercado Coin, Mercado Libre maintains its crypto rewards strategy through Meli Dolar (MUSD), a U.S. dollar-pegged stablecoin launched in 2024 for everyday transactions and peer-to-peer payments.
Meli+ subscribers can still earn cash back in MUSD on purchases, and the latest attestation report from Mercado Libre shows MUSD balances backed by $75 million in assets as of February 28.
In a similar development, Brazilian bank Nubank discontinued trading for its Nucoin token in 2024 after its value dropped 97%, restructuring it into a non-market-based rewards program focused on engagement and perks.
Meanwhile, Mercado Libre continues to hold Bitcoin as a treasury asset, with 570.4 Bitcoin valued at $38.85 million on its balance sheet, purchased at an average price of $38,569 in 2021, representing a nearly 77% gain.