MercadoLibre to create cryptocurrency as part of loyalty program

The logo of Argentine online marketplace MercadoLibre is seen in this undated handout illustration distributed to Reuters on July 27, 2022. Mercado Libre/Handout via REUTERS/File Photo

SAO PAULO (Reuters) -South American e-commerce giant MercadoLibre Inc on Thursday announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented as part of its loyalty program.

MercadoLibre told a news conference clients will earn MercadoCoins as cashback when buying products on the e-commerce platform.

They will then be able to use the digital currency, which follows Ethereum's ERC-20 token standard, for fresh purchases or trade it on the company's financial services unit MercadoPago.

(Reporting by Andre Romani; Writing by Gabriel Araujo; Editing by Steven Grattan and Tomasz Janowski)

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