• Mercado Libre will discontinue Mercado Coin and end its ecosystem utility
• Users will be able to sell tokens, spend them, or convert them to fiat
• The decision reflects shifting strategies around corporate digital assets

Mercado Libre Shuts Down Mercado Coin, Ending Loyalty Crypto Program

Latin American e commerce giant Mercado Libre has announced it will discontinue its in platform cryptocurrency, bringing an end to a loyalty focused digital asset experiment that began nearly four years ago.

The company confirmed that Mercado Coin will be phased out through its digital wallet service, signaling a shift in how large technology firms approach branded cryptocurrencies.

Mercado Coin to Be Phased Out in April

According to an official notification sent to users via Mercado Pago, the company will begin shutting down the token’s functionality starting April 17.

After that date, customers will no longer be able to:

• Buy Mercado Coin
• Sell the token inside the app
• Earn cashback rewards in the cryptocurrency

This effectively removes the token’s role within the company’s ecosystem.

Mercado Coin was originally introduced in August 2022 in Brazil before gradually expanding to other markets across Latin America.

A Loyalty Token Built on Ethereum

Mercado Coin was created as a rewards mechanism designed to increase customer engagement across the platform.

The token was issued using the ERC 20 standard on the Ethereum network.

Customers received tokens as incentives for purchases made on the platform.

Those rewards could then be:

• Used for future purchases
• Traded within the app
• Converted into other assets

The system was developed in partnership with the crypto exchange Ripio, which provided infrastructure support for the token’s operations.

Options for Current Token Holders

Users who still hold Mercado Coin have several options before the program fully ends.

They can choose to:

• Sell their tokens through the Mercado Pago app
• Spend the tokens as purchase credits within the marketplace
• Wait for automatic conversion into local fiat currency

If users do not take action, the platform will convert their holdings into cash and deposit the funds directly into their accounts.

Big Tech Reassessing Branded Cryptocurrencies

Although the company did not publicly provide detailed reasons for the shutdown, the move reflects a broader trend among technology companies.

Many firms that experimented with proprietary digital currencies are now reassessing the long term viability of such programs.

Corporate tokens were once viewed as a way to strengthen customer loyalty, streamline payments, and introduce blockchain based rewards systems.

However, regulatory complexity and changing market conditions have made these initiatives more challenging to sustain.

Mercado Libre Maintains Broader Crypto Strategy

Despite ending Mercado Coin, Mercado Libre is not abandoning digital assets altogether.

The company continues to support crypto related features through its financial services arm, Mercado Pago.

These services include:

• Stablecoin transfers
• Cryptocurrency trading within the wallet app
• Blockchain based financial tools

Additionally, Mercado Libre holds more than $38 million worth of Bitcoin on its balance sheet, demonstrating ongoing exposure to digital assets.

The company has also introduced its own dollar pegged stablecoin as part of its fintech ecosystem.

Mercado Libre’s decision to shut down Mercado Coin marks the end of one of the more notable corporate crypto loyalty experiments in Latin America.

While the company continues to expand crypto services through Mercado Pago, the closure highlights how businesses are refining their strategies around blockchain and digital assets.

As the crypto industry matures, firms may increasingly focus on practical financial services rather than proprietary tokens designed primarily for rewards and engagement.