SAO PAULO (Reuters) -South American e-commerce giant MercadoLibre Inc on Thursday announced the creation of a new cryptocurrency called MercadoCoin, which will be implemented in Brazil as part of its loyalty program. MercadoLibre told a news conference that clients will earn MercadoCoins as cashback when buying products on the e-commerce platform. They will then be able to use the digital currency, which follows Ethereum's ERC-20 token standard, for fresh purchases or trade it on the company's financial services unit MercadoPago.
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Shares of Latin America's e-commerce and digital economy leader MercadoLibre (NASDAQ: MELI) were down 5.3% on Wednesday. Its total number of users (both in commerce and in digital payments) are also climbing at a fast clip.