Mercado Libre could soon launch a cryptocurrency with its name.

Free market, the Argentine unicorn of Marcos Galperin, could soon launch its own cryptocurrency, with use both for Argentina and the rest of the region.

The news was leaked thanks to the discovery of a computer engineer named Diego Marignac, who posted on his Twitter profile some screenshots in which shows part of the source code of the website of Free Market. There he found the word “melicoin”, something that refers to the possible name of a digital asset.

The speculations, as expected, are based on the combination of words, since “Coin” is the English word that means currency and “meli” is the code with which the Argentine firm is found on Wall’s Nasdaq stock market. Street.

The fact that “melicoin” appears in the MercadoLibre code does nothing more than show the work done in the code of the page to support something that will bear this name.

Mercado Libre could soon launch a cryptocurrency with its name.

The engineer who made this find asked about it on Twitter directly to Daniel Rabinovich, who is the head of operations at MercadoLibre, but who did not acknowledge receipt, at least publicly through Twitter.

Users trust MercadoLibre’s crypto

The revelation of Diego Marignac generated, as expected, a stir on social networks. Several users left their impressions on the eventual landing of a national stablecoin that has the endorsement of MeLi.

The engineer Esteban Cervi expressed that he himself had tweeted a year and a half ago that MercadoPago, MercadoLibre’s payment subsidiary, “should create a cryptocurrency called melicoin that is worth the same as the dollar or euro,” just as the stablecoins that equate the value of your digital currency to that of a hard FIAT currency or other asset.

Lucas Llach, former vice president of the Central Bank, is confident that Mercado Libre's cryptocurrency could end inflation.

Lucas Llach, former vice president of the Central Bank, is confident that Mercado Libre’s cryptocurrency could end inflation.

Likewise, a user replied “that with a stablecoin within MELI, everyone would put the devalued pesos there to generate returns”, considering that it could be a way to protect the value of the savings. This would apply both to Argentina, the country where MercadoLibre is from, and to other countries in the region with problems of inflation and currency devaluation.

The former vice president of the Central Bank, Lucas Llach, had tweeted five months ago that if Marcos Galperin, the founder and CEO of MercadoLibre, enables stablecoins within the application, would put an end to inflation in Latin America.

“If Galperin and Pier Paolo Barbieri (Ualá) put a crypto tied to the 6 stable currencies of the South American continent in their app, inflation will end in three days. Or four,” he wrote on his Twitter account in mid-2021.

Galperín and his relationship with cryptocurrencies

Mark Galperin.  CEO of Free Market.  / Clarin Archive

Mark Galperin. CEO of Free Market. / Clarin Archive

At a virtual event organized in October by the e-commerce giant to present its “Impacts that matter” study, carried out together with Euromonitor International, the businessman spoke about the future of these digital assets and highlighted the obstacles that companies must overcome. crypto.

Regarding the possibility of using these digital currencies as a means of payment, the CEO relativized its scope: “Cryptocurrencies are here to stay. They have a very important role, not so much as a means of payment but as a store of value.“.

In this sense, he highlighted the importance of Bitcoin (BTC) and Ethereum (ETH), in which many users deposit their coins so that they do not lose their purchasing power, as occurs in countries with a weak currency such as Argentina.

To become a means of payment “there are still many challenges that cryptocurrencies must overcome,” assured the founder of Mercado Libre. Specifically, those challenges are given “in terms of scalability and energy use in order to have a sustainable planet.”


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