Key Takeaways
- MercadoLibre is discontinuing Mercado Coin, its proprietary cryptocurrency, effective April 17, 2026
- The token will cease to function for purchases, sales, and cashback rewards after this deadline
- Originally introduced in August 2022 within Brazil, the token served as an incentive mechanism for platform transactions
- Token holders have multiple exit options including sale, credit redemption, or automatic fiat conversion
- Despite this shutdown, MercadoLibre maintains a bitcoin treasury exceeding $38 million and continues other cryptocurrency operations
MercadoLibre (MELI) stock was hovering near $2,200 per share during recent trading sessions.
The Latin American e-commerce powerhouse MercadoLibre has decided to discontinue Mercado Coin, its proprietary digital token, after approximately four years of operation. Users received notification of the shutdown through both in-app alerts and email communications sent via the Mercado Pago digital payment platform.
Effective April 17, the token will cease all functionality including buying, selling, and earning capabilities through cashback programs. This marks the conclusion of Mercado Coin’s operational presence within the broader MercadoLibre platform.
The digital currency first appeared in August 2022, initially targeting the Brazilian market before expanding to additional territories. Built using Ethereum’s ERC-20 token standard, Mercado Coin was integrated directly into the Mercado Pago application for user convenience.
The primary purpose of the token centered on customer incentivization. Platform purchases could earn token rewards, which users could then apply toward future transactions or convert to cash value.
The operation relied on collaboration with Ripio, a cryptocurrency exchange that facilitated the token’s trading infrastructure.
Current Mercado Coin holders face three distinct pathways for their holdings. They may liquidate their tokens through the application interface, apply them as purchasing credits on MercadoLibre, or allow the system to automatically process conversion into their local currency.
Any tokens left unmanaged by users will undergo automatic conversion and deposit into respective accounts following the April 17 deadline.
No public explanation accompanied the customer notification from MercadoLibre. The corporation provided no formal commentary regarding the rationale behind terminating the program at this juncture.
Implications for MELI’s Digital Asset Approach
The termination of Mercado Coin doesn’t signal a complete cryptocurrency withdrawal for MercadoLibre.
The platform continues facilitating stablecoin transactions and cryptocurrency trading functionality within Mercado Pago. Additionally, the company maintains a bitcoin reserve valued at more than $38 million.
MercadoLibre operates its own dollar-pegged stablecoin that remains fully operational. The strategic pivot appears directed away from custom loyalty tokens toward established cryptocurrency assets.
This decision aligns with emerging trends among major technology corporations reevaluating their branded cryptocurrency initiatives. Multiple companies that introduced proprietary digital assets during the early 2020s boom have subsequently discontinued them with minimal fanfare.
Timeline Following April 17 Deadline
Until April 17 arrives, Mercado Coin holders retain full functionality with their existing balances. Beyond this cutoff date, all purchasing, selling, and rewards earning features will be permanently deactivated.
The automated currency conversion mechanism ensures users face minimal disruption rather than complete loss. Every token will be properly accounted for during the conversion process.
Mercado Pago assumes complete responsibility for managing the transition from start to finish.
While Mercado Coin’s four-year journey concludes, MercadoLibre’s substantial bitcoin position valued above $38 million indicates continued corporate interest in digital assets — merely redirected toward different opportunities.
