Mercado Libre is shutting down its Mercado Coin cryptocurrency, ending a loyalty-driven token initiative launched to boost customer engagement across its platform.
From April 17, users will no longer be able to buy, sell or earn cashback in Mercado Coin, though existing holders can still sell, spend or convert tokens into local currency.
The token, built on Ethereum’s ERC-20 standard, was introduced in 2022 and used to reward purchases within the Mercado Libre ecosystem.
The phase-out will be managed through Mercado Pago, the company’s digital wallet, which will handle conversions and remaining token activity.
The move reflects a broader trend of major tech firms reassessing branded digital assets amid evolving market conditions and user adoption challenges.
Despite the shutdown, Mercado Libre continues to support crypto services including stablecoin transfers and trading through its platform.
The company also holds more than $38 million worth of Bitcoin, maintaining exposure to digital assets even as it exits its in-house token.