Latin American e-commerce giant Mercado Libre announced that it is shutting down its own cryptocurrency token, Mercado Coin.

Gate News message, March 31, Latin American e-commerce giant Mercado Libre announced that it will shut down its own crypto token, Mercado Coin, ending a user incentives experiment that has lasted nearly four years. Starting April 17, users will no longer be able to buy, sell, or obtain Mercado Coin through cashback; the token’s core functions within the platform are officially discontinued. However, users can still choose to sell the tokens they hold, use them to offset purchases, or wait for the system to automatically exchange them for local fiat currency. Mercado Coin was launched in 2022 in Brazil, based on the Ethereum ERC-20 standard. It was initially used to reward platform consumption behavior and was managed through the Mercado Pago wallet, in cooperation with the exchange Ripio to support trading and circulation. This shutdown reflects how large technology companies are re-evaluating the viability and long-term value of their own crypto assets (brand tokens). Even so, Mercado Libre still retains other crypto-related businesses, including stablecoin transfers and token trading functions, and it holds more than $38 million in Bitcoin on its balance sheet. Industry observers believe this move signals that the “platform token” model is cooling off, while more general-purpose stablecoins and infrastructure-type products are becoming the mainstream direction.