diff --git a/Cargo.lock b/Cargo.lock
index 3be8929059..92649835e2 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -370,12 +370,6 @@ version = "0.2.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
 checksum = "4c7f02d4ea65f2c1853089ffd8d2787bdbc63de2f0d29dedbcf8ccdfa0ccd4cf"
 
-[[package]]
-name = "base58"
-version = "0.2.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6107fe1be6682a68940da878d9e9f5e90ca5745b3dec9fd1bb393c8777d4f581"
-
 [[package]]
 name = "base64"
 version = "0.11.0"
@@ -830,7 +824,6 @@ version = "0.1.0"
 dependencies = [
  "async-std",
  "async-trait",
- "base58",
  "base64 0.21.7",
  "bip32",
  "bitcoin",
@@ -3049,9 +3042,9 @@ dependencies = [
 name = "keys"
 version = "0.1.0"
 dependencies = [
- "base58",
  "bech32",
  "bitcrypto",
+ "bs58 0.4.0",
  "derive_more",
  "lazy_static",
  "primitives",
diff --git a/mm2src/adex_cli/Cargo.lock b/mm2src/adex_cli/Cargo.lock
index 5d5eb5abeb..099a669565 100644
--- a/mm2src/adex_cli/Cargo.lock
+++ b/mm2src/adex_cli/Cargo.lock
@@ -336,12 +336,6 @@ dependencies = [
  "rustc-demangle",
 ]
 
-[[package]]
-name = "base58"
-version = "0.2.0"
-source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "6107fe1be6682a68940da878d9e9f5e90ca5745b3dec9fd1bb393c8777d4f581"
-
 [[package]]
 name = "base64"
 version = "0.21.7"
@@ -1714,7 +1708,6 @@ dependencies = [
 name = "keys"
 version = "0.1.0"
 dependencies = [
- "base58",
  "bech32",
  "bitcrypto",
  "derive_more",
diff --git a/mm2src/coins/Cargo.toml b/mm2src/coins/Cargo.toml
index 670688e07d..47a5baace0 100644
--- a/mm2src/coins/Cargo.toml
+++ b/mm2src/coins/Cargo.toml
@@ -23,8 +23,6 @@ doctest = false
 async-std = { version = "1.5", features = ["unstable"] }
 async-trait = "0.1.52"
 base64 = "0.21.2"
-# Todo: remove this and rely on bs58 throught the whole codebase
-base58 = "0.2.0"
 bip32 = { version = "0.2.2", default-features = false, features = ["alloc", "secp256k1-ffi"] }
 bitcoin_hashes = "0.11"
 bitcrypto = { path = "../mm2_bitcoin/crypto" }
diff --git a/mm2src/coins/lp_coins.rs b/mm2src/coins/lp_coins.rs
index a211761968..83f1aa0026 100644
--- a/mm2src/coins/lp_coins.rs
+++ b/mm2src/coins/lp_coins.rs
@@ -43,7 +43,6 @@
 #[macro_use] extern crate ser_error_derive;
 
 use async_trait::async_trait;
-use base58::FromBase58Error;
 use bip32::ExtendedPrivateKey;
 use common::custom_futures::timeout::TimeoutError;
 use common::executor::{abortable_queue::WeakSpawner, AbortedError, SpawnFuture};
@@ -3418,19 +3417,6 @@ impl HttpStatusCode for VerificationError {
     }
 }
 
-impl From<FromBase58Error> for VerificationError {
-    fn from(e: FromBase58Error) -> Self {
-        match e {
-            FromBase58Error::InvalidBase58Character(c, _) => {
-                VerificationError::AddressDecodingError(format!("Invalid Base58 Character: {}", c))
-            },
-            FromBase58Error::InvalidBase58Length => {
-                VerificationError::AddressDecodingError(String::from("Invalid Base58 Length"))
-            },
-        }
-    }
-}
-
 /// NB: Implementations are expected to follow the pImpl idiom, providing cheap reference-counted cloning and garbage collection.
 #[async_trait]
 pub trait MmCoin: SwapOps + WatcherOps + MarketCoinOps + Send + Sync + 'static {
diff --git a/mm2src/mm2_bitcoin/keys/Cargo.toml b/mm2src/mm2_bitcoin/keys/Cargo.toml
index 990bd3dff1..7002e711a8 100644
--- a/mm2src/mm2_bitcoin/keys/Cargo.toml
+++ b/mm2src/mm2_bitcoin/keys/Cargo.toml
@@ -7,8 +7,8 @@ authors = ["debris <marek.kotewicz@gmail.com>"]
 doctest = false
 
 [dependencies]
+bs58 = "0.4.0"
 rustc-hex = "2"
-base58 = "0.2"
 bech32 = "0.9.1"
 bitcrypto = { path = "../crypto" }
 derive_more = "0.99"
diff --git a/mm2src/mm2_bitcoin/keys/src/legacyaddress.rs b/mm2src/mm2_bitcoin/keys/src/legacyaddress.rs
index a9e93127af..e6a4bf4cd9 100644
--- a/mm2src/mm2_bitcoin/keys/src/legacyaddress.rs
+++ b/mm2src/mm2_bitcoin/keys/src/legacyaddress.rs
@@ -1,7 +1,6 @@
 use std::str::FromStr;
 use std::{convert::TryInto, fmt};
 
-use base58::{FromBase58, ToBase58};
 use crypto::{checksum, ChecksumType};
 use std::ops::Deref;
 use {AddressHashEnum, AddressPrefix, DisplayLayout};
@@ -82,7 +81,7 @@ impl FromStr for LegacyAddress {
     where
         Self: Sized,
     {
-        let hex = s.from_base58().map_err(|_| Error::InvalidAddress)?;
+        let hex = bs58::decode(s).into_vec().map_err(|_| Error::InvalidAddress)?;
         LegacyAddress::from_layout(&hex)
     }
 }
@@ -92,7 +91,9 @@ impl From<&'static str> for LegacyAddress {
 }
 
 impl fmt::Display for LegacyAddress {
-    fn fmt(&self, fmt: &mut fmt::Formatter) -> fmt::Result { self.layout().to_base58().fmt(fmt) }
+    fn fmt(&self, fmt: &mut fmt::Formatter) -> fmt::Result {
+        bs58::encode(self.layout().as_ref()).into_string().fmt(fmt)
+    }
 }
 
 impl LegacyAddress {
diff --git a/mm2src/mm2_bitcoin/keys/src/lib.rs b/mm2src/mm2_bitcoin/keys/src/lib.rs
index d3a01d854d..88eea9408f 100644
--- a/mm2src/mm2_bitcoin/keys/src/lib.rs
+++ b/mm2src/mm2_bitcoin/keys/src/lib.rs
@@ -1,8 +1,8 @@
 //! Bitcoin keys.
 
-extern crate base58;
 extern crate bech32;
 extern crate bitcrypto as crypto;
+extern crate bs58;
 extern crate derive_more;
 extern crate lazy_static;
 extern crate primitives;
diff --git a/mm2src/mm2_bitcoin/keys/src/private.rs b/mm2src/mm2_bitcoin/keys/src/private.rs
index ce4e64a908..435a3b7a46 100644
--- a/mm2src/mm2_bitcoin/keys/src/private.rs
+++ b/mm2src/mm2_bitcoin/keys/src/private.rs
@@ -2,7 +2,6 @@
 
 use crate::SECP_SIGN;
 use address::detect_checksum;
-use base58::{FromBase58, ToBase58};
 use crypto::{checksum, ChecksumType};
 use hex::ToHex;
 use secp256k1::{Message as SecpMessage, SecretKey};
@@ -110,7 +109,7 @@ impl fmt::Debug for Private {
 }
 
 impl fmt::Display for Private {
-    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result { self.layout().to_base58().fmt(f) }
+    fn fmt(&self, f: &mut fmt::Formatter) -> fmt::Result { bs58::encode(self.layout()).into_string().fmt(f) }
 }
 
 impl FromStr for Private {
@@ -120,7 +119,7 @@ impl FromStr for Private {
     where
         Self: Sized,
     {
-        let hex = s.from_base58().map_err(|_| Error::InvalidPrivate)?;
+        let hex = bs58::decode(s).into_vec().map_err(|_| Error::InvalidPrivate)?;
         Private::from_layout(&hex)
     }
 }