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Twilio > Case Studies > Bitso's Transformation: Becoming Latin America's Leading Cryptocurrency Exchange
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Bitso's Transformation: Becoming Latin America's Leading Cryptocurrency Exchange

Technology Category
  • Application Infrastructure & Middleware - Blockchain
  • Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
  • Finance & Insurance
  • National Security & Defense
Applicable Functions
  • Quality Assurance
  • Sales & Marketing
Use Cases
  • Leasing Finance Automation
  • Machine to Machine Payments
Services
  • System Integration
The Challenge
Bitso, a leading fintech company in Mexico, was founded in 2014 to facilitate the exchange between physical and virtual money. It aimed to address the burgeoning volume of cryptocurrency transactions in a country where the unbanked population totals an estimated 42 million. However, Bitso faced significant challenges in its journey to become the largest digital cryptocurrency exchange platform in Latin America. The primary challenge was ensuring security, particularly in protecting users against fraudulent account-related charges and safeguarding user identities. Bitso needed to guarantee that high-value transactions, account-related changes, and account access were protected and only accessible by legitimate users. As the company expanded globally, it started experiencing an increase in support calls for global one-time passwords (OTP) that were not being delivered. Some users were receiving OTPs in non-native languages, or messages about issues unrelated to Bitso, resulting in a poor user experience.
About The Customer
Bitso is one of Mexico’s leading fintech companies, founded in 2014 with a mission to expand the use of cryptocurrencies and redefine the concept of money. It has grown to become the largest digital cryptocurrency exchange platform in Latin America and the third most valuable Fintech in the region. Bitso boasts roughly 2.5 million users, 10 billion (in volume) transactions traded, and more than 400 employees in over 27 countries. The company is constantly looking at ways to improve the customer experience by incorporating new technological tools that make the interaction with its users even more intuitive.
The Solution
To overcome these challenges, Bitso turned to Twilio for help and chose to use Twilio’s Verify, a purpose-built solution that provides user verification in real-time to mitigate support issues. The Twilio Verify API makes it simple to add user verification to a web application, supporting multiple channels including SMS, voice, and Whatsapp. Bitso initially started with Twilio Programmable Messaging SMS for OTP and marketing messaging. However, due to the challenges faced during global expansion, Bitso switched to Twilio’s Verify single API for multi-channel verification. This solution provides one-time passcodes in real-time to mitigate support issues. Bitso found in Twilio not just a provider, but a partner that helped them design a tailor-made product. Using Verify, Bitso could confirm at the point of new user registration that a user is who they say they are, which is of vital importance in times of heightened cyber security threats.
Operational Impact
  • Thanks to its custom development with Twilio, Bitso’s platform now has improved user interaction on different flows. The most significant improvement is in the account creation flow, which is the first interaction the user has with the application. This flow requires the user to provide basic information and then verify that they are genuinely a valid user. That is where Twilio Verify comes into play. The API sends a verification code to the user instantly so that they do not even realize that it has come from a provider other than Bitso. Bitso is also considering implementing push authentications, which would allow users to use their cell phones to authorize transactions such as cash withdrawals or currency exchanges, further simplifying the process and enhancing the user experience.
Quantitative Benefit
  • 99% of users successfully verified
  • 88% of users executed an operation
  • 82% of users completed password resets

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