Portal x Bitso: Latin American exchange with 8M+ users launches web3 wallets with Portal

Bitso, a cryptocurrency exchange platform from Latin America, was founded in 2014 and has become one of the leading exchanges in Latin America. 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. In order to do so, it was imperative that they find a solution that can 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, because of 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 these users self-custodial wallets has increased to further these users’ ability to transact and engage on-chain.

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 wallets exist inside of Bitso’s app, allowing them to design the UI and UX to fit with 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. Bitso allows their users 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 to offer Bitso users flexibility to use the process that fits their habits best.
• Monetization: Generating MPC wallets via Portal SDK creates new revenue streams for Bitso.

Results

Successfully launched web3 wallet and introduced it via a livestream with their CEO Daniel Vogel check it out below: