E-commerce giant Mercado Libre (MELI) is pulling the plug on its homegrown cryptocurrency, Mercado Coin, nearly four years after introducing it to boost customer engagement across its platform.

The e-commerce giant announced the decision through a notification and email from Mercado Pago, its digital wallet, which will handle the phase-out. Starting April 17, users won’t be able to buy, sell or earn cashback in Mercado Coin, effectively ending its utility inside the ecosystem.

Launched in August 2022 in Brazil before expanding to other markets, Mercado Coin was pitched as a way to reward users for purchases on the platform.

Participating products offered token incentives that could be used for future purchases or cashed out. The token,…