El Salvador announced the launch of the electronic wallet “Chivo”, created under the scheme of the recent Bitcoin Law.
Grow Your Business,
Not Your Inbox
Stay informed and join our daily newsletter now!
3 min read
Starting today, Bitcoin will become legal tender in El Salvador , which will allow companies to accept this cryptocurrency as a form of payment. With this in mind, Bitso said in a statement that it will work with Silvergate Bank , a bank regulated by the US federal government and incorporated in the state of California, to facilitate transactions in US dollars.
The Mexican fintech announced this Tuesday that it will become the main provider of cryptocurrency services for the electronic wallet “Chivo” , the wallet with which Salvadorans will be able to interact with Bitcoin instantly, securely and for free.
The Chivo application will allow you to make payments in bitcoin or in dollars between people and companies from anywhere in the world. Users will be able to automatically convert Bitcoin transactions to dollars or choose to keep their Bitcoins and withdraw them later in cash at newly installed ATMs in the region. The application will serve as a wallet for everyday use, that is, a mobile payment system available for Android and iOS devices. The use of the wallet is completely optional, and those who do not have Salvadoran nationality will also be able to access the app.
“We are excited to contribute to this initiative that seeks to provide Salvadorans with universal access to Bitcoin. At Bitso , we believe that the technology behind Bitcoin will have a positive impact on the lives of millions of people in the region, and we are committed to making that its benefits are useful to Salvadorans, “said Santiago Alvarado, Bitso’s VP for Business.” As the leading cryptocurrency exchange in the region, we are excited to bring our expertise in safe and accessible remittances and financial services to El Salvador. “
In early June 2021, El Salvador became a global trend by becoming the first country in the world to accept Bitcoin, the first mined cryptocurrency, as legal tender.
Bitso is the largest cryptocurrency platform in Latin America, with operations in Mexico, Argentina and Brazil and more than 2.75 million users. It recently surpassed the $ 1 billion valuation and became one of the region’s recent unicorns .