Mercado Libre (MELI) stock was trading around $2,200 at the time of writing.
Mercado Libre is shutting down its own cryptocurrency, Mercado Coin, nearly four years after launching it. The company announced the move through a notification and email via its Mercado Pago digital wallet.
Starting April 17, users will no longer be able to buy, sell, or earn cashback in Mercado Coin. The token’s role inside the Mercado Libre ecosystem will come to an end.
Mercado Coin launched in August 2022 in Brazil before rolling out to other markets. It was built on Ethereum’s ERC-20 standard and was accessible through the Mercado Pago app.
The token was designed to reward users for purchases on the platform. Products offered token incentives that could be used for future purchases or cashed out.
It operated in partnership with crypto exchange Ripio, which handled the trading side of the token.
Users still holding Mercado Coin have three options going forward. They can sell through the app, spend them as purchase credits on MercadoLibre, or simply wait for an automatic conversion to local fiat currency.
Any remaining balances that aren’t manually handled will be deposited into user accounts automatically after the April 17 cutoff.
Mercado Libre did not explain the decision publicly in its customer notice. The company offered no official statement on why it chose to end the program at this time.
Despite pulling Mercado Coin, MercadoLibre isn’t stepping back from crypto entirely.
The company still supports stablecoin transfers and token trading through Mercado Pago. It also holds more than $38 million worth of bitcoin on its balance sheet.
Mercado Libre also has its own dollar-backed stablecoin, which remains active. The focus appears to be shifting away from proprietary reward tokens and toward more established digital assets.
The move fits a broader pattern among large tech companies reconsidering branded digital tokens. Several firms that launched their own crypto assets in the early 2020s have since wound them down quietly.
Between now and April 17, users can still interact with their Mercado Coin holdings as usual. After the cutoff, the buy, sell, and cashback features will be permanently disabled.
The automatic conversion to local currency gives users a soft landing rather than a hard wipeout. No tokens will simply vanish — each will be accounted for at conversion.
Mercado Pago is handling the full phase-out process end to end.
The token’s four-year run ends with Mercado Libre holding a bitcoin position worth over $38 million, suggesting the company’s crypto interest hasn’t gone cold — just shifted.
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