Bitso—the crypto-powered financial services company in Latin America—announced that it has integrated a third Layer 2 solution that will facilitate fast and efficient transactions with Ethereum thanks to the incorporation of the Optimism network.
Optimism is a Layer 2 or “Layer 2” blockchain that works “based on optimistic rollups, with which a number of transactions are grouped in the same batch to process them outside the blockchain and then publish them on the Ethereum main network, which which significantly speeds up transaction time, but maintains the security, verification and reliability of Ethereum, since operations are validated by cryptographic proofs.”
The optimization layer of this Layer 2 network “allows a greater number of operations to be carried out through the Ethereum network, improving people’s user experience, which is why it has a special focus on its accessibility and usability.”
The popularity of Ethereum has led “to high gas fees due to the large number of transactions, so Optimism is an alternative that continues to grow in popularity.”
In 2023, Bitso incorporated Arbitrum and Polygon PoS, two Layer 2 networks that have streamlined transactions “with ETH (ether) and reduced their costs, with good reception from the crypto community; So now is the time for this new network, thanks to which more than 3 billion dollars have been saved in gas rates since its creation.”
Another of Optimism’s big bets is the construction of a ” superchain ” with which it “seeks to form a network of connected blockchains to exchange messages and tokens, which allow taking advantage of the power of Optimism and the security of Ethereum.”
Optimism is driven by a collective that seeks greater rewards “for those who develop technology, with the intention of offering increasingly diverse scalability solutions.”
María Fernanda Bello, Product Manager at Bitso, said:
“Our strategy for incorporating Layer 2 blockchains responds to the constant search to offer our community more and better options to be able to make more efficient transactions and at more competitive costs, through innovative projects with interesting use cases such as Optimism , in addition to putting us on the right path for our next projects around decentralized apps and Web3 .”
With this addition, Bitso seeks to increase the options for “transacting with cryptocurrencies and offer more Layer 2 networks that allow you to experience a new speed in transactions and continue building the economy of the future.”
As noted in the update, Bitso claims it is “the leading cryptocurrency-powered financial services company in Latin America, with a community of more than 8 million clients and 1,700 institutional clients.”
Bitso offers a wide range of products: from “a secure and easy-to-use digital platform for earning returns, making transfers and transfers between countries, to exchanging and storing a variety of over 50 cryptocurrencies, as well as crypto-powered products for businesses, including crypto transactions and international payments among others.”
Founded in 2014, with over 500 employees in 35 different countries, Bitso is working to make crypto useful by “unlocking the power of borderless, secure and easy-to-use financial products. Bitso remains committed to empowering the region by providing universal access to the digital economy of the future and enabling a fairer monetary system.”