Mercado Libre's New Crypto is a Mystery | Crypto

Mercado Libre’s New Crypto is a Mystery

-The Mercado Coin is a digital currency that was announced by Latin American eCommerce giant Mercado Libre.
-The Mercado Coin may be a digital currency that is issued on the Ethereum blockchain, but it is not really a traditional cryptocurrency.
-The Mercado Coin will be free-floating, with an initial price of $0.10, and it will only be tradable and storable on the company’s own Mercado Pago digital wallet.
-The Mercado Coin will not be sold directly, but earned via the company’s loyalty program, and at present, only in Brazil.
-The Mercado Coin is similar to Facebook Coin, which was a proprietary virtual currency usable for payments on the Facebook platform.
-The Mercado Coin is also similar to JPM Coin, which was a cryptocurrency for a closed ecosystem that was launched by banking giant J.P. Morgan.
-There are several benefits to a virtual currency in a closed ecosystem, including better economics and more fraud control.
-It is not clear that Mercado Coin will be usable only on Mercado Libre.

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