MercadoLibre's fintech terminates its cryptocurrency Mercado Coin

SAO PAULO, March 31 (Reuters) - Mercado Pago, the fintech arm of e-commerce firm MercadoLibre MELI.O, said on Tuesday it is discontinuing its cryptocurrency, called Mercado Coin, which it had launched in 2022 as part of its loyalty program.

• Clients in Brazil, the group's main market, earned Mercado Coins as cashback when buying products on the e-commerce platform.

• Mercado Pago said that since 2024 the focus has been on the "Meli Dolar", a stablecoin priced in U.S. dollars at a one-to-one value available in Brazil, Mexico and Chile.

• The move is part of the evolution of the company's strategy in the crypto universe, Mercado Pago said.

• Remaining balances of Mercado Coin should be sold or used for purchases on MercadoLibre by April 17; if no action is taken, the balance will be converted to Brazilian reais.