The leading Marketplace in Latin America, Mercado Livre, founded in Argentina and the main e-commerce platform in Brazil, where 84 million active buyers and sellers meet to negotiate more than US$ 20 billion a year, takes another favorable step in towards the cryptocurrency market, with the launch of Coin Market.

As announced in a statement, Mercado Coin will be an ERC-20 token built on the Bitcoin blockchain. Ethereum (ETH) by the e-commerce giant’s partner company: Ripio.

All smart contract development for Mercado Coin token, tokenomics and launch will be carried out by Ripio, which positions itself as a market specialist for asset tokenization.

Initially, customers will be able to purchase the token in the cashback format for purchases made on the Mercado Livre platform and in the future they will be able to use it for discount coupons and other features in the company’s ecosystem.

It will also be possible to buy or sell Mercado Coin for reais, but at this first moment it will not be possible to withdraw to an external wallet with ethereum support, such as Metamask, for example – with all custody being held by Ripio.

Know more: Nubank allows investing in BTC and ETH, but without withdrawal or warning

We still have little information about the launch, but it is likely that the token will hit the market with an initial price of $0.10 per unit. We don’t know what the maximum supply will be, or initially put into circulation.

“We were born with Mercado Coin linked within the Mercado Livre system, as a cashback system, but it was developed for the market and will be traded in other places. The future brings several opportunities for Mercado Coin and this is just the beginning”, highlighted Fernando Yunes, leader of Mercado Livre in Brazil.

Customers will be able to buy, store and sell Mercado Coin through Mercado Pago, in the same trading environment where more than 2 million users have traded Bitcoin, Ethereum and USDP (Pax USD).

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