Mercado Libre Discontinues Mercado Coin Without Explanation
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Mercado Libre has announced the discontinuation of its cryptocurrency loyalty token, Mercado Coin, effective April 17, 2026. This decision comes nearly four years after the token was introduced as a cashback reward within its e-commerce ecosystem.
Users were informed of this change through notifications on the Mercado Pago digital wallet app and via email. Significantly, no public rationale was provided for the program’s termination.
Originally launched in August 2022 in Brazil, Mercado Coin was designed as an ERC-20 token on the Ethereum blockchain, created in collaboration with crypto exchange Ripio. The token began with a value of approximately $0.10 and aimed to attract everyday consumers into the world of cryptocurrencies through a user-friendly loyalty program.
Participants could earn Mercado Coin as cashback from their purchases on the Mercado Libre marketplace, with the option to use the tokens for transactions or convert them into cash. However, the token’s presence remained largely confined to the Mercado Libre platform, lacking traction in broader cryptocurrency markets.
With the impending shutdown, users will no longer have the ability to buy, sell, or earn Mercado Coin after April 17. Holders of the token have three choices: they can sell their tokens via the Mercado Pago app, spend the tokens on purchases within the Mercado Libre platform, or take no action at all. After the deadline, any remaining balances will automatically convert to Brazilian reais and be deposited into users’ Mercado Pago accounts.
The absence of a comprehensive explanation regarding the shutdown aligns with a trend among large tech firms that introduced branded tokens during the cryptocurrency boom of 2021-2022. Many are now retracting from proprietary digital assets, focusing instead on established financial practices such as stablecoin transactions and direct trading.
Despite retiring Mercado Coin, Mercado Libre remains committed to the cryptocurrency space. The company continues to facilitate crypto trading, transfers of stablecoins, and offers various digital asset services through its platform, alongside maintaining substantial Bitcoin holdings estimated at over $38 million.
For the approximately 2 million users who once held Mercado Coin, the shutdown is expected to have minimal impact. The lack of an active secondary market for the token meant that most users had limited liquidity options. The automatic conversion process allows for a straightforward resolution of any remaining balance.
This decision marks the end of one of Latin America’s notable corporate loyalty initiatives tied to cryptocurrency. While the program aimed to integrate digital currency into consumers’ daily shopping experiences, it ultimately concluded quietly, underscoring a more strategic pivot for Mercado Libre’s fintech division toward payment solutions and stablecoin services on a larger scale.
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