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Crypto platform Bitso to support El Salvador on its digital wallet Chivo

Fintech Bitso, a platform for cryptocurrency, will act as the core service provider for bitcoin digital wallet Chivo.

Crypto Platform
Photo By "Coinscreed"

Fintech Bitso, a crypto platform, came up with a major announcement net. It will work as the core service provider for Chivo. Chivo is a bitcoin digital wallet that El Salvador has launched after it has become the first country in the world to adopt bitcoin.

Until now, El Salvador had US dollars as its only legal tender. Now besides the US Dollar, it has adopted bitcoins as its another legal tender.

Crypto platform Bitso said that it would work in cooperation with Silvergate Bank, a federally regulated bank in the U.S, and California state-chartered bank. It will help them better to facilitate transactions in U.S dollars.

“We are looking forward to working with El Salvador in an initiative that will transform payment structures and increase financial inclusion in the country,” said Santiago Alvarado, vice-president of Bitso for Business.

President of El Salvador, Nayib Bukele, has pushed the adoption of cryptos as legal tender. He argued that the use of bitcoin would help country people to save $400 million a year in terms of commissions for remittances. At the same time, it will offer better access to financial services to those who are not yet having bank accounts.

“As the leading crypto exchange in the region, we are thrilled to bring our experience in remittances and secure and low-friction financial services to Salvadorans,” said Alvarado.

Bitso said that its services are accounting for the processing of more than $1.2 billion in remittances within the US and Mexico in 2020. It would not apply its expertise to El Salvador as 70% of people here lack proper access to basic financial facilities.

Salvadorians last year sent home an amount of almost $6 billion from abroad. This sum equates to 23% of the country’s GDP. The Government of Bukele has promised $30 of bitcoin to each of the users. On Tuesday, Salvadorans who tried to download Chivo found it unavailable on any app store. Bukele tweeted that the Government has unplugged it temporarily to connect more servers to deal with demand. He has blamed app downloading platforms for this delay.

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