Bitso is the major cryptocurrency exchange in Latin America and will become the official Bitcoin of El Salvador (Bitcoin) The wallet is called Chivo.
With Bitcoin becoming the legal tender of El Salvador, Bitso announced on September 7 that the company will assist El Salvador in launching a state-backed BTC wallet with companies such as Silvergate Bank, digital currency company Athena Bitcoin, and blockchain company Algorand.
The California Chartered Commercial Bank and Silvergate Bank, a member of the US Federal Reserve, will work with Bitso to facilitate USD transactions in Chivo Wallet. Athena Bitcoin will provide some front-end services and Chivo’s ATM related operations, and Algorand will act as the official blockchain provider.
The country-issued Chivo Wallet launched today is designed to enable individuals and businesses to pay in Bitcoin or U.S. dollars from anywhere in the world.The wallet can be used on Android and iOS, allowing users to automatically convert Bitcoin transactions into U.S. dollars or keep their Bitcoin holdings and then withdraw in cash 200 Bitcoin ATMs installed across the country.
A Bitso spokesperson told Cointelegraph that Chivo users do not need to pay network-related fees, and pointed out that “any withdrawal, deposit or other transaction” of the Chivo app will not incur fees for users, and explained in detail:
“The Salvadoran government has established a strategic partnership to ensure exchange at the most competitive price without the user having to bear any fees.”
“Using Chivo Wallet is completely optional, and people without citizenship can also access the application,” Bitso pointed out in the announcement.
Santiago Alvarado, vice president of business at Bitso, expressed his belief that the acceptance of Bitcoin in El Salvador will “have a positive impact on the lives of millions of Salvadorans.”
“In the past seven years, we have worked tirelessly to find the best way to make Bitcoin available to more than 2.75 million customers in Mexico, Argentina, and Brazil. Today, as the leading crypto service provider for wallets in Salvador, we are committed to making crypto Useful for Salvadorans,” Alvarado added.
After the Chivo wallet was launched, El Salvador’s President Nayib Bukele (Nayib Bukele) Report a temporary capacity error On the platform, it causes application installation problems. Bukele stated that Chivo will temporarily disconnect its system to resolve the issue.The president also famous Chivo will apply to Salvadorans in the United States and “almost every country in the world”.
Founded in 2014, Bitso is the main cryptocurrency platform in Latin America, supported by large crypto companies, such as U.S. cryptocurrency exchanges Coinbase and RippleThe user base of the exchange has almost tripled, from 1 million in July 2020 to nearly 3 million users in September 2021. In late August, the company Hired Facebook veteran Vaughan Smith As the chief operating officer, follow $250 million salary increase Earlier this year.
related: El Salvador’s President Booker confirms the purchase of the first 200 bitcoins
President Booker Announcing legislation to accept Bitcoin as legal tender Together with the U.S. dollar in early June, it aims to use digital currency to provide banking services for people without bank accounts 70% of Salvadorans do not have access to basic financial servicesThe bill subsequently passed the National Legislative Assembly and is scheduled to be implemented on September 7.
Many people in El Salvador oppose the government’s plan to adopt Bitcoin as legal tender, citing volatility and security issues. Sparked many protestsAccording to a survey conducted by the Institute of Public Opinion at the University of Central America in El Salvador, 70% of Salvadorans believe that Bukele’s Bitcoin law should be abolished, which treats cryptocurrencies as legal tender.More than 90% of survey respondents also stated that they have Insufficient understanding of cryptocurrency.