Gate News message: On March 31, Latin American e-commerce giant Mercado Libre (MELI) announced it will shut down its proprietary cryptocurrency, Mercado Coin, less than four years after the token was launched. Starting April 17, users will be unable to buy, sell, or earn cashback rewards with Mercado Coin through the platform. Existing holders can choose to sell the token through the app, use it as a shopping credit on the Mercado Libre platform, or wait for the system to automatically convert the token into local fiat currency and deposit it into their accounts. Mercado Coin launched in Brazil in August 2022, then expanded to other markets. It is positioned as a rewards token for users’ shopping, built on the Ethereum ERC-20 standard, operated through the Mercado Pago digital wallet, and partnered with a certain cryptocurrency exchange. This shutdown was communicated to users by Mercado Pago in the form of notifications and emails, and the company provided no explanation for the decision.
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