diff --git a/Cargo.lock b/Cargo.lock
index a51f5686..9f361639 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -1061,18 +1061,18 @@ dependencies = [
 
 [[package]]
 name = "secp256k1"
-version = "0.27.0"
+version = "0.29.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "25996b82292a7a57ed3508f052cfff8640d38d32018784acd714758b43da9c8f"
+checksum = "9465315bc9d4566e1724f0fffcbcc446268cb522e60f9a27bcded6b19c108113"
 dependencies = [
  "secp256k1-sys",
 ]
 
 [[package]]
 name = "secp256k1-sys"
-version = "0.8.1"
+version = "0.10.1"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "70a129b9e9efbfb223753b9163c4ab3b13cff7fd9c7f010fbac25ab4099fa07e"
+checksum = "d4387882333d3aa8cb20530a17c69a3752e97837832f34f6dccc760e715001d9"
 dependencies = [
  "cc",
 ]
diff --git a/bip32/Cargo.toml b/bip32/Cargo.toml
index 0df44a9b..d291b33b 100644
--- a/bip32/Cargo.toml
+++ b/bip32/Cargo.toml
@@ -29,7 +29,7 @@ zeroize = { version = "1", default-features = false }
 k256 = { version = "0.13", optional = true, default-features = false, features = ["ecdsa", "sha256"] }
 once_cell = { version = "1", optional = true }
 pbkdf2 = { version = "0.12", optional = true, default-features = false, features = ["hmac"] }
-secp256k1-ffi = { package = "secp256k1", version = "0.27", optional = true }
+secp256k1-ffi = { package = "secp256k1", version = "0.29", optional = true, default-features = false, features = ["alloc"] }
 
 [dev-dependencies]
 hex-literal = "0.4"