MercadoLibre, Latin America's largest e-commerce company, is launching a cryptocurrency in Brazil that can be used for platform shopping

Mercado Libre (MELI), Latin America's largest e-commerce company by market capitalization, will launch its cryptocurrency Mercado Coin in Brazil on August 18, according to BlockBeats. Will be used to make purchases on Mercado Libre and return cash. Mercado Libre expects the cryptocurrency to be available to its 80 million users in Brazil by the end of August, and said it plans to introduce it to other countries "soon." The Mercado Coin will be traded on the company's digital wallet, Mercado Pago, at an initial price of $0.10, which will be subject to market conditions, the company said. In the initial phase, users will not be able to transfer it to an external wallet.