diff --git a/substrate/Cargo.lock b/substrate/Cargo.lock
index 74aa1e23a1..f15e363bfd 100644
--- a/substrate/Cargo.lock
+++ b/substrate/Cargo.lock
@@ -440,9 +440,9 @@ checksum = "a4521f3e3d031370679b3b140beb36dfe4801b09ac77e30c61941f97df3ef28b"
 
 [[package]]
 name = "base58"
-version = "0.1.0"
+version = "0.2.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "5024ee8015f02155eee35c711107ddd9a9bf3cb689cf2a9089c97e79b6e1ae83"
+checksum = "6107fe1be6682a68940da878d9e9f5e90ca5745b3dec9fd1bb393c8777d4f581"
 
 [[package]]
 name = "base64"
diff --git a/substrate/primitives/core/Cargo.toml b/substrate/primitives/core/Cargo.toml
index 0944fbef23..4071dab71b 100644
--- a/substrate/primitives/core/Cargo.toml
+++ b/substrate/primitives/core/Cargo.toml
@@ -30,7 +30,7 @@ impl-serde = { version = "0.3.0", optional = true }
 wasmi = { version = "0.9.0", optional = true }
 hash-db = { version = "0.15.2", default-features = false }
 hash256-std-hasher = { version = "0.15.2", default-features = false }
-base58 = { version = "0.1.0", optional = true }
+base58 = { version = "0.2.0", optional = true }
 rand = { version = "0.7.3", optional = true, features = ["small_rng"] }
 substrate-bip39 = { version = "0.4.2", optional = true }
 tiny-bip39 = { version = "0.8.2", optional = true }