Mexican cryptocurrency exchange Bitso has become the main provider of cryptocurrency services for the Chivo BTC wallet developed by the government of El Salvador.
According to Bloomberg, the Bitso exchange supports the Chivo wallet, created by the government of El Salvador to accelerate the adoption of cryptocurrency as a means of payment in the country. Bitso said it will work with US-based Silvergate Bank to facilitate USD transactions. It is unclear if this includes both international money transfers and domestic transactions, or just one type of transaction.
Bitso processed $ 1.2 billion in U.S.-Mexico remittances during 2020. The company says it is now ready to apply this experience in El Salvador. Bitso became the main provider of cryptocurrency services for Chivo when the wallet app was posted on Android and iOS phone app stores on Tuesday.
“We look forward to working with El Salvador on an initiative that will reshape payment structures and improve the availability of financial services in the country,” said Bitso Vice President Santiago Alvarado. “As the leading cryptocurrency exchange in the region, we are delighted to share our expertise in money transfers and secure financial services with the Salvadorans.”
The citizens of El Salvador complained this week about problems installing the Chivo wallet. Chivo developers have temporarily suspended the wallet in order to connect additional power. They succeeded, and although complaints about the poor performance of the application continued, users began to register and receive the bitcoins promised by the El Salvadorian government.
As noted by Bitso, using the Chivo wallet is completely voluntary, and those without El Salvadorian citizenship can access the application. El Salvador has also engaged BitGo’s crypto custodian to work with the wallet infrastructure and security.
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