Mercado Libre to shut down its Mercado Coin crypto service

Mercado Libre, the largest e-commerce company in Latin America, has decided to discontinue its proprietary cryptocurrency, Mercado Coin, which was used for customer cashback. According to CoinDesk, the use of Mercado Coin and the accumulation of cashback rewards will be suspended starting April 17. Mercado Libre has not provided a specific explanation for the move. Mercado Coin was launched in Brazil in August 2022 before expanding to other countries, including Mexico.