Bitso facilitates the Chivo wallet while adopting Bitcoin in El Salvador

Bitso crypto platform provides the basic services behind «Chivo», the bitcoin wallet launched by the government of El Salvador.

In addition to providing backend technology, Bitso will offer custody and exchange services at Chivo. To facilitate transactions in US dollars, Bitso said it is working with the Silvergate Bank of the United States, which is regulated by the federal government.

With more than 2.75 million users, Bitso bills itself as the fastest growing crypto platform in Latin America. Santiago Alvarado, vice president of Bitso for Business, She said the company wants to help “transform payment structures that can increase financial inclusion.”

Earlier this year, Bitso raised $ 250 million in its Series C investment round. This brought its valuation to $ 2.2 billion, making it the first unicorn crypto in Latin America. Bitso customers in the United States primarily use the service to send money home. Viewers are also waiting to see if El Salvador’s adoption of bitcoin as legal tender will do anything to simplify remittance payments.

Bitcoin law in force

On September 7, El Salvador became the first nation in the world to introduce bitcoin as legal tender. Shortly before the introduction of bitcoin as legal tender in El Salvador, the government bought several hundred bitcoins. President Nayib Bukele announced the purchase of 200 BTC in, for a total of 400 bitcoins that the government now owns. At current rates, that amount of BTC stands at $ 20 million. In a separate post, Bukele said the country plans to buy “a lot more.”

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As the price of bitcoin fell later on September 7, Bukele tweeted that he was “buying the dip.” president proceeded to announce the acquisition of another 150 bitcoins, bringing total government ownership to 550 BTC.

Despite its relative unpopularity with the general population, the Bukele government is taking several steps to facilitate bitcoin adoption. In addition to the digital wallet, this also includes Chivo’s ATMs, which will allow consumers to buy bitcoins or convert them into cash.

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