- With an eye toward the decentralized finance (defi) ecosystem, Bitso, a cryptocurrency exchange with operations in Mexico and a focus on Latin America, has introduced its own Web3 wallet.
- The purpose of this new offering is to facilitate Bitso’s customers’ onboarding into this environment by giving them the opportunity to experiment with decentralized exchanges, non-fungible tokens (NFTs), and other services from a reliable platform.
Bitso Introduces Web3 Wallet and Makes a Hint About Potential Blockchain Development
Through the provision of Web3 services to their clientele, Latin American exchanges are gaining ground on their international counterparts.
One of the biggest cryptocurrency exchanges in the area, Bitso, has announced the launch of a Web3 wallet that was developed internally. For Bitso’s clients, the wallet will offer a reliable starting point for their exploration of decentralized finance.
By adding this product to its lineup, Bitso hopes to make it easier for its clients to get started with cryptocurrency. With it, they can buy cryptocurrency through a centralized platform and transfer it to a decentralized wallet without any hassles. This would resemble the actions of Bybit, Okx, and Binance, among other exchanges.
Bitso, according to Daniel Vogel, was set up to profit on this dualism. In an interview with Valor Economico, he stated, “Bitso is a peculiar player, as we have one foot in the centralized world and the other in the decentralized one.”
The exchange creates a Web3 wallet with compatibility for five Ethereum Virtual Machine (EVM) networks: Ethereum, Polygon, Arbitrum, Base, and Optimism. It also has MPC technology to help users with the self-custody procedure. The wallet will be equipped with inbuilt functionality enabling trades of more than two thousand tokens that are part of these protocols.
Vogel also said that Bitso was keeping an eye on the advancements of international exchanges such as Coinbase, who have started their own networks in an effort to enhance user experience. Vogel emphasized that Bitso has “done good things from a user experience point of view” and that it “could make this more interesting and easier” with the help of these technologies, even if he did not confirm the company’s plans to enter this industry.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
