Ripio, an Argentine cryptocurrency exchange, will launch an Ethereum sidechain and a Web3 wallet

The wallet will support several chains natively, serve as a web browser plugin, and co-manage private keys to prevent accidents in the event that a user loses control or knowledge of their keys.

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

The Ripio Chain

During the Ethereum-focused ETH Barcelona event, Ripio CEO and co-founder Sebastian Serrano explained that the exchange’s expansion has also driven his team to work on establishing a solution to enable internal transactions and support the growth of the Ripio ecosystem.

Serrano revealed that they were working on Ripio Chain, an Ethereum sidechain, to do this.

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

Serrano did not go into specifics, but he did state that it will initially use a proof-of-authority consensus process (transactions are validated by authorized accounts) and will revolve around the platform’s native coin. For increased efficiency, it will most likely switch to a proof-of-stake system (in which transactions are validated by individuals who have funds locked in staking).

Furthermore, Ripio will publish a book with educational content to introduce beginners to the cryptocurrency ecosystem, and the company is promoting a number of important events, such as the “Chamada Ripio” contest, which took place during the BIG Festival gaming festival, which took place in Brazil from July 7 to July 8.