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Bitso, a cryptocurrency exchange platform from Latin America, was founded in 2014 and has become one of the leading exchanges in Latin America. Their services include swaps, fiat currency deposits and withdrawals, and remittances. Known for the breadth of cryptocurrencies available for trading, Bitso’s goal is to enable financial inclusion with blockchain technology throughout the region. To achieve this, it was imperative to find a solution that could securely and simply onboard people new to crypto onto their exchange and then keep them engaged over time.

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Challenges faced by Bitso

Assets have increasingly moved on-chain, from custodial to non-custodial wallet offerings, due to recent events like the FTX crisis, missing infrastructure, and a fragmented, friction-filled user experience.
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As Bitso users moved their activity on-chain, the need to offer them self-custodial wallets to further their ability to transact and engage on-chain, increased.

Solution offered by Portal

Bitso now offers its 8 million users the option of non-custodial wallets using the Portal SDK. These MPC wallets remove the risk of lost passwords and seed phrases, offering a simple user experience without diminishing security. There are several other core benefits Bitso has realized by integrating with Portal.

• Self-custodial wallets: Portal’s distributed key generation architecture through TSS MPC cryptography ensures that only the users are able to access their funds. Neither Portal nor Bitso can access the user’s wallet.
• Branded user experience: The self-custodial wallet exists inside the Bitso app, allowing them to design a UI and UX to fit  their brand and work within their ecosystem as desired.
• dApp Store: Bitso uses Portal’s mobile webview to offer a curated dApp store experience for their users. This allows them to interact with specific dApps all within a dApp store embedded into the Bitso app. 
• Multi-backup for recovery: Wallets offer multiple methods for backup and recovery, providing Bitso users with flexibility to choose the process that best fits their habits. ‍
• Monetization: Generating MPC wallets via Portal SDK creates new revenue streams for Bitso.

Results

Bitso successfully launched Bitso Web3 Wallet via a livestream with their CEO, Daniel Vogel. Check out the recording below.

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