diff --git a/Cargo.lock b/Cargo.lock
index 1f24b51..111ddb9 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -100,9 +100,12 @@ dependencies = [
 
 [[package]]
 name = "bs58"
-version = "0.4.0"
+version = "0.5.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "771fe0050b883fcc3ea2359b1a96bcfbc090b7116eae7c3c512c7a083fdf23d3"
+checksum = "bf88ba1141d185c399bee5288d850d63b8369520c1eafc32a0430b5b6c287bf4"
+dependencies = [
+ "tinyvec",
+]
 
 [[package]]
 name = "bstr"
@@ -1196,6 +1199,21 @@ dependencies = [
  "serde_json",
 ]
 
+[[package]]
+name = "tinyvec"
+version = "1.6.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "87cc5ceb3875bb20c2890005a4e226a4651264a5c75edb2421b52861a0a0cb50"
+dependencies = [
+ "tinyvec_macros",
+]
+
+[[package]]
+name = "tinyvec_macros"
+version = "0.1.1"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "1f3ccbac311fea05f86f61904b462b55fb3df8837a366dfc601a0161d0532f20"
+
 [[package]]
 name = "toml_datetime"
 version = "0.6.5"
diff --git a/keys/Cargo.toml b/keys/Cargo.toml
index 69dcbcf..dd84336 100644
--- a/keys/Cargo.toml
+++ b/keys/Cargo.toml
@@ -24,7 +24,7 @@ std = [
 
 [dependencies]
 arrayref = { version = "0.3.6" }
-bs58 = { version = "0.4", default-features = false, features = ["alloc"] }
+bs58 = { version = "0.5", default-features = false, features = ["alloc"] }
 codec = { package = "parity-scale-codec", version = "3.6.5",  default-features = false, features = ["derive"] }
 digest = { version = "0.9.0", default-features = false }
 hex = { version = "0.4", default-features = false, features = ["alloc"] }