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Chivo wallet: El Salvador set to launch updated wallet

Chivo wallet

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  • El Salvador is set to launch updated Chivo wallet
  • AlphaPoint will develop the new version of the wallet
  • El Salvador plans to build 1,500 Bitcoin ATMs

Since the launch of Bitcoin, there have been many companies and individuals talking positively about it as an asset. One such has been Bitcoin savvy country El Salvador. Last year, the country came into the Bitcoin scene after it announced it purchased BTC worth millions of dollars. In a bid to show their solidarity, the country also adopted the digital currency as a legal tender.

Chivo is the native wallet developed by the government for citizens to store their Bitcoin. However, there were so many issues affecting the wallet.

AlphaPoint will develop the updated Chivo wallet

In a recent update, El Salvador announced that it would release its updated Chivo wallet. The government said the new version would resolve the issues affecting the current version of the wallet. The wallet developers have also inked a partnership with a famous firm, AlphaPoint.

With this, it will offer users of the Chivo wallet cheap transaction rates when making Bitcoin transactions and more stability, among other things. The first version of the Chivo wallet saw about 1.2 million registrations in the first 30 days. During that time frame, the country announced that 75% of its population were already wallet holders. The good feedback between the country and the wallet came to a standstill after the numerous issues they recorded.

El Salvador wants to build 1,500 Bitcoin ATMs

In its quest to rid the wallet of the previous issues plaguing it, the country announced a collaboration with AlphaPoint. Per the announcement, the wallet will help the citizens of the country tackle issues ranging from payment of taxes, making transactions, and other things. Asides from that, the country has announced that there are currently plans to provide more than 1,500 Bitcoin ATMs across specific locations in the country.

The integration will also support firms that provide Point of Sale services, the government, and owners of websites. In his statement, the founder of AlphaPoint commended the excellent work Nayib Bukele and El Salvador were doing regarding Bitcoin innovation. The country has also hinted towards granting loans in Bitcoin, another landmark breakthrough. In a small chat with the head of technology, Monica Taher, the country wants the unbanked to gain access to Bitcoin loans which could, in turn, boost their credit history. Their sole aim is to help small businesses grow.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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