Another One Bites the Dust: Mercado Libre Pulls the Plug on Mercado Coin

Mercado Libre is officially killing off its homegrown crypto, Mercado Coin, nearly four years after launching it to reward loyal shoppers. Starting April 17, users will no longer be able to buy, sell, or earn cashback in Mercado Coin. The token's utility inside the ecosystem is officially dead. However, holders aren't completely stranded—they can sell their tokens through the app, use them as purchase credits, or wait for an automatic conversion to local fiat deposited into their accounts.

Launched in August 2022 in Brazil before expanding elsewhere, Mercado Coin was built on Ethereum's ERC-20 standard and accessible via the Mercado Pago app. The token was offered as a reward for purchases, with participating products handing out token incentives that could be used for future buys or cashed out. The whole thing operated in partnership with crypto exchange Ripio.

The company didn't spill the tea on why it's pulling the plug, but the move fits a broader pattern of big tech firms rethinking their branded digital assets. That said, Mercado Libre isn't going full crypto skeptic—the e-commerce giant still supports stablecoin transfers and token trading through Mercado Pago, holds over $38 million in bitcoin on its balance sheet, and has its own dollar-backed stablecoin in circulation.

So long, Mercado Coin. It was a fun experiment while it lasted.