Argentine Crypto Exchange Ripio launches Ethereum Sidechain, Web3 Wallet

by Arthur · July 9, 2022

What does not kill you makes you stronger. As the crypto winter hits hard, some crypto companies are focused on just surviving, while others work hard to grow.

The Latin American stock exchange Ripio says that it is expanding its business and increasing its interaction with cryptocurrency enthusiasts – both beginners and experts.

For that purpose, it is focused on various initiatives, including the launch of a book, a Web3 and metaverse wallet, as well as its own side chain: Ripio Chain.

Ripio is one of the most important cryptocurrency platforms in the LatAm region. The stock exchange was founded in Argentina in 2013, and has grown to earn over 3 million users over Argentina, Brazil, Colombia, Mexico and Uruguay – and soon Spain.

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‘Quick access to the metaverse’

During a conference held at the Konex Cultural Center in Argentina, Ripio CBO Juan Jose Mendez revealed that the company was working to make it easier for users to trade cryptocurrencies and tokens related to metaverse and other Web3 applications.

A new Web3 wallet «adds Ripio’s wallet platform. As a tool, it allows you to quickly access the metaverse. so Mendez adds: “The goal of the product is to accelerate the entrance to a new stage in the crypto-economy, including the popular digital collectibles or NFTs, games to make money, DeFi protocols, digital art markets and others.”

The wallet will have multi-chain functionality – which naturally supports several chains – and function as a browser extension, and it will co-manage private keys to prevent accidents in case a user loses control or knowledge of their keys.

A preliminary visit to the Ripio Portal. Image: Ripio — A look at Ripio’s Web3 wallet. Image: Ripio

Ripio’s “Portal” wallet is already in closed beta for users in Argentina.

Ripio chain

During the Ethereum-focused ETH Barcelona event, Sebastian Serrano, CEO and co-founder of Ripio, explained that the growth of the stock market had also led his team to work on developing a solution to facilitate internal transactions and promote the growth of the Ripio ecosystem.

To do so, Serrano announced that they were working on Ripio chainan Ethereum side chain.

“It will be a side chain,” Serrano said. “We already have a live test network – it’s based on Polygon technology.”

Serrano did not go into detail, but said it would initially use a proof-of-authority consensus algorithm (where transactions are validated by authorized accounts) and would be about the platform’s original token. Later it will probably do so switch to a proof-of-stake algorithm (where transactions are validated by those who have funds locked in bets) for greater efficiency.

In addition, Ripio will publish a book with educational content to introduce beginners to the cryptocurrency ecosystem, and the company promotes several important events, such as. “Chamada Ripio” competition that took place during the BIG Festival game festival which was held July 7 to July 8 in Brazil.