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Latin America’s major cryptocurrency exchange Bitso will be the core service provider for Chivo, the official Bitcoin wallet for El Salvador.
Bitso Will Provide Core Service to El Salvador’s Bitcoin Wallet
The Chivo wallet will support free transactions in bitcoin and U.S. dollars for individuals and companies. To facilitate the transactions, Bitso said it will work alongside companies like Silvergate Bank, digital currency company Athena Bitcoin, and blockchain firm Algorand.
Silvergate Bank is a California-based state-chartered commercial bank and a member of the United States Federal Reserve member that will facilitate U.S. dollar transactions for the Chivo wallet. Athena Bitcoin will provide some front-end services and Chivo’s ATM-related operations while Algorand will act as the official blockchain provider.
Bitso will provide the backend technology to Chivo in addition to offering custody and exchange services. The wallet is currently available on Android and iOS and allows the automatic conversion of Bitcoin (BTC) into U.S dollars, in addition to holding and withdrawing later in cash from over 200 ATMs installed across the country.
El Salvador President Bought Bitcoin's Recent Dip
Using the Chivo wallet requires no additional fees in terms of withdrawals, deposits or other transactions”. Bitso said that the wallet accessibility is made available beyond the El Salavadoran citizens and that it supports payments and from people and businesses “anywhere in the world.”
Just ahead of introducing Bitcoin as an official legal tender in El Salvador, president Nayib Bukele tweeted on Sept. 6 that the country had just purchased 200 additional bitcoins worth $10.2 million, bringing its total to 400 BTC.
As the price of bitcoin dropped on Sept 7, Bukele tweeted again saying that he was “buying the dip” and proceeded to announce on acquiring another 150 bitcoins, putting the total owned by the government at 550 BTC.