Bitcoin.com to introduce Bitcoiners to decentralized finance: KBW 2022

Published at: Aug. 9, 2022

Crypto platform Bitcoin.com is looking 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 its platform.

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

“We've got a lot of BTC users and a lot of these people want to do more with their crypto than just hold it. And they know there are opportunities in DeFi, but it's a little bit complicated, a little bit 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 its DEX, the executive also highlighted their plans to release a prepaid debit card and run a token sale.

With the debit card, the firm is planning to reward users who top up and for their usage. By seeing what people are spending their fiat money on, Fraser believes that they have the opportunity to create interesting reward campaigns. He explained that:

“Let's say gas is through the roof, we could potentially go after and say, okay, anytime you top up your fuel tank with some petrol, we can add an extra 2% kickback in our verse token.”

Fraser said that this can be a way for their firm to help users through their day-to-day challenges. He said that it will be their way of saying, "sorry, inflation sucks so much, but there's a little taste of crypto."

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

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