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Investing in this crypto asset is quite popular in India.
The Ethereum cryptocurrency has stood out as the one with the greatest institutional dominance.
Young people between 18 and 37 years old are the largest investors in cryptocurrencies in the world.
The implementation of new technologies in all industries around the world continues to grow. That’s why another e-commerce company, such as Mercado Libre, joined this trend and launched “MercadoCoin”, its own cryptocurrency.
Cryptocurrencies are increasingly accepted in the market, to the point where many businesses in the world and in Mexico already allow them as a means of payment. According to information shared by the Santander BankCryptocurrencies are digital assets that use cryptographic encryption to guarantee their ownership and ensure the integrity of transactions, and control the creation of additional units.
According to data from Statista Global Consumer Survey investing in this crypto asset is quite popular in India, where in 2021 18 percent of respondents said they own bitcoins or altcoins.
This crypto asset represents an opportunity for pioneering businesses and retailers for their specific audience, such as the new generations made up of millennials and centennials, who according to a survey conducted by charles schwabmore than fifty percent of young investors between 18 and 37 years old want cryptocurrencies as an investment asset.
This is MercadoCoin
Although in recent months, cryptocurrencies have suffered a sharp decline, losing just over 200 billion dollars, An increasing number of people decide to invest a significant percentage of their wealth in digital assets.
That is why companies like Mercado Libre are betting on this economic tool and have announced the launch of their own cryptocurrency called “MercadoCoin”, which for now will only reach Brazil.
According to what was mentioned by the e-commerce company, this token will be part of the platform’s loyalty program.
The currency can be earned as cash back when buying products in the store, which can then be used to make new purchases or even exchanged for cash.
Also, as a new tool of the brand, this coin follows the ERC-20 Ethereum token standard, and can also be used to exchange it within MercadoPago. Given this, Fernando Yunes, senior vice president of Mercado Libre Brasil, said that eventually it is planned that they can also be used outside the platform.
In this sense, Bloomberg explained that as of this Thursday, August 18, five hundred thousand clients in Brazil will begin to have access to the cryptocurrency, which has an initial value of 10 cents on the dollar and will be subject to market fluctuations.
“MercadoCoin will have a variable price with supply and demand from users, and the amount of tokens that will be distributed will be related to the growth of sales volume, and for now, it will not appear on Coinbase or Binance exchanges,” Yunes said.
The company expects that by the end of August, the entire user base in Brazil, that is, about 80 million, will have access to the cryptocurrency. It is also planned to expand to other countries “at some point”.
More and more brands are joining the trends of cryptocurrencies, non-fungible tokens and the metaverse, such as Gucci, which launched its own NFT and aligned itself with Wanna, an app specialized in rendering sneakers, to launch a series of 25 sneakers for virtual use only.
As well as Reebok and Louis Vuitton have also launched their own fashion non-fungible tokens, which function as a crypto asset in the digital world.
In conclusion, in the not too distant future, denying cryptocurrencies as means of payment will cause businesses to lose sales and customers, who are increasingly made up of the new generations that manage their lives around the digital world.
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