Ripito Exchange Will Launch An Ethereum SideChain And Web3 Wallet

Ripito Exchange will launch an ETH sidechain and web3 wallet as it is looking to increase user engagement and launch other promoting events so let’s read more today in our latest crypto news.

As the crypto winter hits hard some crypto companies are already focused on only surviving but others are working hard on growing. The Argentinean Ripito exchange said it will expand its business and will increase interaction with crypto supporters both experts and beginners. To that end, it is focused on various initiatives such as the launch of a book, web3, and metaverse wallet while also launching an Ethereum sidechain.

Ripio is one of the most important crypto platforms in the Latam region and it was founded in Argentina in 2013 with the exchange growing to serve more than 3 million users in Brazil, Colombia, Mexico, Argentina, and now Spain. During the conference at Konex cultural center in Argentina, the CEO of Ripio Juan Jose Mendez revealed that the company is working on making it easier for the users to trade crypto and other tokens associated with the metaverse as well web3 applications. The new Web3 wallet will add to Ripio’s wallet platform as a tool that will allow faster access to the metaverse:

 “The goal of the product is to accelerate the entry into a new stage in the crypto economy, including the popular digital collectibles or NFTs, play-to-earn games, DeFi protocols, digital art markets, and others.”

The wallet will have a multi-chain functionality and will support multiple chains natively and will work as a web browser extension as well while managing private keys to prevent mishaps in case a user loses control of their keys. During the ETH Barcelona event, Sebastian Serrano the co-founder of  Ripio explained that the growth of the exchange led the team to work on creating a solution to facilitate the internal transactions and boost the growth of the entire ecosystem. To do so, Serrano announced they will work on an Ethereum side chain:

“It will be a sidechain. We already have a testnet live—it’s based on Polygon technology.”

Serrano didn’t delve into more details but said that the exchange will use a proof of authority consensus algorithm and will revolve on the platform’s native token. It will also move to a PoS algorithm for bigger efficiency. Ripio will be publishing a book with educational content to launch beginners into the ecosystem with the company promoting important events like the Chamada Ripio contest.