Latin American e-commerce giant Mercado Libre will shut down its platform token Mercado Coin.

Golden Finance reports that on March 31, Latin American e-commerce giant Mercado Libre will shut down its platform token Mercado Coin on April 17, ending a user-incentive crypto experiment that has lasted nearly four years. At that time, users will no longer be able to continue trading the token or receive cashback rewards by spending, but they will still be able to sell the token within the app, use it to offset purchases, or wait for the system to automatically convert it into local fiat currency.
Mercado Libre said it will continue to retain functions such as stablecoin transfers and crypto asset trading. It still holds more than $38 million worth of BTC on its balance sheet.