Argentina-based Ripio is working on making it easier for users to trade cryptocurrencies and tokens associated with the metaverse and other Web3 applications, says CBO Juan Jose Mendez. The crypto exchange is expanding its business and increasing interaction with crypto enthusiasts – beginners and experts. Ripio is also working on various initiatives, including a Web3 and metaverse wallet, the launch of a book, and a sidechain called Ripio Chain.
The platform which was established in 2013 has grown to serve over three million users across the LatAm region – Argentina, Brazil, Colombia, Mexico, and Uruguay, as well as Europe – Spain.
Mendez, during a conference, said the new Web3 wallet enhances Ripio’s wallet platform. It will allow the user to quickly access the metaverse. The executive outlined that the latest product will speed up the entry into a new stage in the crypto economy. This includes the popular digital collectibles or NFTs, play-to-earn games, DeFi protocols, digital art markets etc. Mendez said the wallet will have multi-chain functionality. It will support multiple chains natively and work as a web browser extension, and co-manage private keys to prevent mishaps in case a user loses control, or knowledge of their keys.
Sebastian Serrano, the CEO and co-founder of Ripio, during the Ethereum-focused ETH Barcelona event, said the company’s growth prompted his team to develop a solution to facilitate internal transactions and promote growth of the Ripio ecosystem. Ripio is working on the sidechain – Ripio Chain. The crypto exchange already has a testnet live for it based on Polygon technology. Serrano revealed that the sidechain will initially use a proof-of-authority consensus algorithm and will revolve around the platform’s native token. It will later move to a proof-of-stake algorithm for greater efficiency.