Latin American e-commerce giant Mercado Libre announced the closure of its proprietary cryptocurrency token, Mercado Coin, ending a nearly four-year-long user incentive experiment. Starting April 17th, users will no longer be able to buy, sell, or acquire Mercado Coin through cashback programs; the token's core functionality within the platform has officially ceased. However, users can still choose to sell their tokens, use them for shopping discounts, or wait for the system to automatically convert them into local fiat currency. Mercado Coin was launched in Brazil in 2022, based on the Ethereum ERC-20 standard, initially used to reward spending on the platform, managed through the Mercado Pago wallet, and supported for circulation in partnership with the exchange Ripio. This closure reflects a reassessment by large tech companies of the viability and long-term value of their own crypto assets (branded tokens). Despite this, Mercado Libre retains other crypto-related businesses, including stablecoin transfers, token trading, and holds over $38 million worth of Bitcoin on its balance sheet. Industry insiders believe this move signifies a cooling down of the "platform token" model, while more universal stablecoins and infrastructure products are becoming the mainstream.