Bitso, the Mexico-based and Latin America-focused cryptocurrency exchange, recently launched its Web3 wallet, aimed at the decentralized finance (defi) ecosystem. The idea behind this new product is to ease the onboarding of Bitso customers into this landscape, allowing them to dabble in non-fungible tokens (NFTs), decentralized exchanges, and other services from a trusted platform.
Bitso launches Web3 wallet, hints at the possible development of its own blockchain
Latin American exchanges are catching up with 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 internally developed Web3 wallet. The wallet will provide a reliable platform for Bitso customers to begin their journey through decentralized finance.
With this addition to its product portfolio, Bitso also seeks to facilitate the onboarding of its customers into the world of cryptocurrencies, allowing them to purchase cryptocurrencies through their centralized platform and then seamlessly move them into their decentralized wallet. This would mimic the moves of other exchanges such as Binance, Okx and Bybit.
Daniel Vogel, says Bitso was positioned to take advantage of this duality. “Bitso is a particular player, since 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 built-in functionality to enable trades between over 2,000 existing tokens on these protocols.
Vogel also said Bitso was watching developments at global exchanges like Coinbase, which have launched their own networks to improve user experiences. While Vogel did not confirm Bitso’s intentions to enter this market, he stressed that the company has “done good things from a user experience perspective” and “could make everything more interesting and easier.” using these tools.
