Yes, for certain foreign loan words like "cola" or, in this example, "Megacoin".

Take "cola" for instance. There is no Chinese character that means "cola" of course, since such a thing did not exist when Chinese was invented.
So, they use "可乐", which is pronounced Kělè and is as close to "cola" as you can get. The characters themselves have nothing to do with cola or any kind of drink at all though.