Bitcoin.com to Introduce Bitcoiners to Decentralized Finance: KBW 2022

Crypto platform Bitcoin.com wants to expand its ecosystem by introducing Bitcoin (BTC) holders to the world of decentralized finance (DeFi) and implementing new services such as a decentralized exchange (DEX) in the platform.

Speaking with Cointelegraph’s Andrew Fenton at Korea Blockchain Week (KBW) 2022, Bitcoin.com’s head of financial services Corbin Fraser said the company is moving from being only associated with Bitcoin Cash (BCH) to becoming a DeFi platform that addresses to crypto users across multiple chains. Fraser explained that:

“We have a lot of BTC users and a lot of those people want to do more with their crypto than just hold it. And they know there’s opportunity in DeFi, but it’s a little complicated, a little scary.”

Because of this, Fraser added that their team is focused on working to make the user experience easier and provide a more “friendly” crypto wallet. In addition to DEX, the executive also highlighted their plans to release a prepaid debit card and run a token sale.

With the debit card, the company plans to reward users who top up and for their use. By seeing what people spend their fiat money on, Fraser believes they have the opportunity to create interesting rewards campaigns. He explained that:

“Let’s say there’s gas going through the roof, we can potentially go after and say, okay, every time you fill up the fuel tank with some gas, we can add an extra 2% kickback to our verse.”

Fraser said this could be a way for his firm to help users through their daily challenges. He said it will be their way of saying, “sorry, inflation sucks so much, but it’s a little taste of crypto.”

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When asked about the demographics of Bitcoin.com’s community members, the manager mentioned that the majority of their users are BTC users looking for Bitcoin and its wallets. However, with the company’s foray into DeFi, the firm can introduce those who found Bitcoin into different routes such as stablecoins, Ether (ETH) and other opportunities within the ecosystem.

At the same event, CEO of metaverse firm Everyrealm, Janine Yorio, told the KBW crowd that while Ready Player One the film shows the Metaverse in virtual reality, most developments in the virtual world are currently being built for the desktop.