PANews reported on March 31 that, according to CoinDesk , Latin American e-commerce giant Mercado Libre announced the closure of its loyalty rewards program for its self-developed cryptocurrency , Mercado Coin . Starting April 17 , users will no longer be able to buy or sell or receive cashback through Mercado Coin , and its functionality within the platform's ecosystem will be removed. Mercado Coin launched in Brazil in 2022 , based on the Ethereum ERC-20 standard, and was primarily used for shopping cashback and discounts. The company stated that token holders can sell their tokens through the Mercado Pago app, use them as shopping discounts, or wait for the system to automatically convert the tokens into local fiat currency. Mercado Libre retains stablecoin transfer and token trading functions and holds over $ 38 million in Bitcoin on its balance sheet, while also issuing a US dollar-pegged stablecoin.