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Policy & Regulation

Chivo wallet relaunched in El Salvador 

02 Feb 2022 : 12:06
2 min read
  • El Salvador is relaunching the Chivo app
  • Over 1500 BTC ATMs will also be installed in the country
  • AlphaPoint is responsible for the frontend and backend

After the adoption of Bitcoin as legal tender by El Salvador, the country, under the leadership of President Nayib Bukele, released a digital wallet called Chivo for these blockchain-based assets. The wallet was gaining massive usage, but the country is relaunching it. 

Relaunch of Chivo wallet

The relaunch of the Chivo wallet is aimed at improving the user experience and eradicating the existing challenges of Bitcoin transfers in El Salvador. Furthermore, the government is integrating AlphaPoint with the wallet for fast and low fees Bitcoin transactions. The goal is to make the wallet more stable and scalable too. 

AlphaPoint is developing the backend and frontend structure followed by integration of user verification services leveraging machine-learning facial recognition and authentication tools. The report also added that AlphaPoint has “improved the Lightning integration for nearly instantaneous low-fee Bitcoin transactions via QR and Lightning addresses.”

The first month of the Chivo wallet release was met with around 2.1 million Salvadorans. Moreover, the growth of the wallet has seen no bounds this year, with the customer base increasing over any other bank in El Salvador. 

1500 ATMs

The International Monetary Fund (IMF) recently urged El Salvador to drop Bitcoin as legal tender in the nation, and it seems that the President of the nation is not very keen on doing so. Furthermore, the country has also decided to install 1500 Bitcoin ATMs as per their statement to enhance the ease of payment with Bitcoin. 

It is also to be noted that around 75% of the entire population of El Salvador has downloaded the Chivo app, and it seems that the government wants this number to keep growing. According to the interview of the El Salvador ambassador to the U.S., many other countries are following in the footsteps of El Salvador.

Anisha Pandey

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