Bitso is one of the largest digital asset exchanges and retail platforms in Latin America, boasting over 8 million retail users and over 1,000 institutional customers.
Hi, my name’s Maria Bello. I’m the product manager in charge of the crypto rails here at Bitso. Bitso is a crypto-powered financial services company, and is the leader of this space in Latin America. Right now, we have over 8 million retail users and over 1,000 institutional users. We’re focused on Mexico, Colombia, Argentina, and Brazil.
One challenge that we faced before we integrated with Fireblocks is that we were building our own, in-house solution for wallet management, which was expensive. We needed to create a new node for each network that we wanted to integrate, so the cost of maintenance was super high; we couldn’t offer the best user experience to scale our business. Once we figured out that our in-house solution was not going to scale, we decided to look for a partner that could provide us the infrastructure that we needed while also offering high-level security, so we could trust that our users’ assets would be safe.
We decided to start working with Fireblocks because they were able to provide us the level of security that we were searching for. Also, they were able to comply with all our SLAs.
One of the most important features that Fireblocks provides to us is the ability to have different levels of security and multi-party computation (MPC) architecture in our wallets. For example, they offer us a way to configure transaction authorization policy (TAP) rules, including lists and user roles for our own security.
One of the other challenges that we had before Fireblocks is that we built different addresses for all compatible networks. This caused poor user experiences, because some users used an address to deposit assets in one network and figured that it was going to be the same across other networks, resulting in lost funds. Now, with Fireblocks, we have only one address for all EVM-compatible networks, and that improves our user experience a lot.
As an exchange, we know that it’s very important for our users to know that we are solvent. With the Fireblocks integration, we can make sure that they can see our proof of reserves in our web page in a seamless way.
