Bitso, a leading cryptocurrency platform in Latin America with over nine million users, has officially announced its expansion into decentralized finance with the launch of Bitso Onchain. This new self-custody trading platform is designed to provide sophisticated traders with direct access to global on-chain markets. The platform aims to bridge the gap between the user-friendly experience of centralized exchanges and the vast opportunities available within the decentralized ecosystem, offering a single, powerful interface.
Bridging Centralized and Decentralized Finance
Bitso Onchain addresses what CEO Daniel Vogel calls the "fundamental crypto dilemma" by allowing users to trade thousands of tokens while maintaining full control of their assets. Unlike the main Bitso application where the company custodies funds, this new platform operates on a self-custody model, where users connect their own digital wallets. This structure empowers traders with asset sovereignty, a core principle of decentralized finance, without sacrificing a streamlined user experience.
The platform is engineered to remove common barriers to entry that have historically kept non-expert users away from on-chain activities. By eliminating the need for complex seed phrases and covering network gas fees for certain transactions, Bitso simplifies the trading process significantly. This approach is intended to democratize access to the 95% of digital tokens that are typically inaccessible on traditional centralized exchanges, opening up new possibilities for discovery and investment.
Extensive Features and Market Access
The new decentralized exchange supports more than 14 blockchain ecosystems, including prominent networks like Solana, Ethereum, Base, and Arbitrum. This multi-chain capability allows users to seamlessly trade over 17,000 different tokens in a single transaction, such as swapping an Ethereum-based asset for a new memecoin on Solana. The platform's proprietary routing system ensures efficient cross-chain swaps, enhancing liquidity and trading flexibility for its user base.
Beyond standard token swaps, Bitso Onchain offers a suite of advanced trading tools tailored for experienced market participants. Its perpetuals market, powered by Hyperliquid's architecture, provides access to over 300 markets, including cryptocurrencies, gold, oil, and U.S. stocks. Additionally, the platform features a dedicated memecoin discovery module and enables spot trading on Solana, showcasing its comprehensive approach to serving diverse trading strategies with low latency execution.
Strategic Rollout and User Incentives
The platform is currently undergoing a progressive rollout to select customers in Mexico, Brazil, Colombia, and Argentina, with a full global launch scheduled for September. During its beta phase, Bitso Onchain demonstrated significant market traction, processing over $70 million in transaction volume from 32,000 users. This early success signals strong demand for a product that combines decentralized access with a refined and accessible user interface.
To celebrate the launch and drive user adoption, Bitso has introduced "Season One," a 90-day trading competition with a prize pool exceeding $300,000 in USDC. Participants can earn points based on trading volume and by completing specific challenges. The company also launched a referral program that offers between 25% and 55% of trading fees from referred users, a strategic move to build a robust and engaged community from the outset.
The launch of Bitso Onchain marks a pivotal moment for the company as it strategically ventures into the decentralized finance sector. By creating a platform that simplifies on-chain trading while offering powerful features, Bitso is positioning itself to capture a new segment of the crypto market. This initiative not only enhances its product ecosystem but also reinforces its commitment to expanding financial access and opportunity throughout Latin America and beyond.