Bitso, the Mexico-based, Latam-focused cryptocurrency exchange, recently launched its own Web3 wallet, targeting the decentralized finance (defi) ecosystem. The idea behind this new product is to ease the onboarding of Bitso’s customers into this landscape, allowing them to dabble in non-fungible tokens (NFTs), decentralized exchange, and other services from a trustable platform.
Bitso Launches Web3 Wallet, Hints at Possible Own Blockchain Development
Latin American exchanges are catching up to their global counterparts by offering Web3 services to their customers. Bitso, one of the largest cryptocurrency exchanges in the region, has announced the release of an in-house developed Web3 wallet. The wallet will provide a trusted platform for Bitso’s customers to start their journey through decentralized finance.
With this addition to its product portfolio, Bitso also seeks to facilitate onboarding its customers to the crypto world, allowing them to purchase crypto through their centralized platform and then move it seamlessly to their decentralized wallet. This would mimic the moves of other exchanges like Binance, Okx, and Bybit.
Daniel Vogel, states that Bitso was positioned to take advantage of this duality. “Bitso is a peculiar player, as we have one foot in the centralized world and the other in the decentralized one,” he said in an interview with Valor Economico.
The Web3 wallet produced by the exchange features MPC technology to facilitate the self-custody process for its users, and support for five Ethereum Virtual Machine (EVM) networks: Ethereum, Polygon, Arbitrum, Base, and Optimism. The wallet will have embedded functionality to allow exchanges between over 2,000 tokens existing on these protocols.
Vogel also stated that Bitso was observing the developments of global exchanges like Coinbase, which have launched their own networks to improve user experience. While Vogel didn’t confirm Bitso’s intentions on getting into this market, he stressed that the company had “done good things from a user experience point of view” and “could make this more interesting and easier” using these tools.