Ripito Exchange will be launching an ETH sidechain and Web3 wallet as it seeks to increase user engagement and launch other promotional events, so let’s read more today in our latest crypto news.
As the crypto winter hits hard, some crypto companies are already solely focused on surviving, but others are working hard to grow. Argentinian exchange Ripito said it will expand its business and increase interaction with crypto proponents, experts and newbies alike. To this end, it is focusing on various initiatives such as launching a book, web3 and metaverse wallet while also launching an Ethereum sidechain.
Ripio is one of the most prominent crypto platforms in the Latam region and it was founded in Argentina in 2013, with the exchange growing to serve over 3 million users in Brazil, Colombia, Mexico , in Argentina and now in Spain. During the conference at the Konex Cultural Center in Argentina, Ripio CEO Juan Jose Mendez revealed that the company is working to facilitate the exchange of crypto and other tokens associated with the metaverse as well as Web3 applications. The new Web3 wallet will be added to Ripio’s wallet platform as a tool for faster access to the metaverse:
“The goal of the product is to accelerate entry into a new stage of the crypto-economy, including popular digital collectibles or NFTs, play-to-earn games, DeFi protocols, online marketplaces, etc. ‘digital art and others.’
The wallet will have multi-chain functionality and support multiple chains natively and will also work as a web browser extension while managing private keys to prevent accidents in case a user loses control of their keys. During the ETH Barcelona event, Sebastian Serrano, co-founder of Ripio, explained that the growth of the exchange led the team to work on creating a solution to facilitate internal transactions and stimulate the growth of the entire ecosystem. To do this, Serrano announced that they will be working on a Ethereum sidechain:
“It will be a sidechain. We already have a live testnet, it is based on Polygon technology. »
Serrano did not delve into specifics, but said the exchange will use a proof-of-authority consensus algorithm and be built on the platform’s native token. It will also switch to a PoS algorithm for greater efficiency. Ripio will publish a book with educational content to launch beginners into the ecosystem with the company promoting important events like the Chamada Ripio contest.
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