El Salvador relaunched Chivo wallet with plans to deploy 1,500 Bitcoin ATMs
The government of El Salvador focuses on Chivo wallet's stability and uptime, scalability, and social impact, seeking a permanent solution for over 4 million BTC users.
El Salvador is the first country to adopt Bitcoin (BTC) as a legal tender, has relaunched its in-house Chivo wallet to address the existing challenges of BTC transfers locally. with AlphaPoint integration, the updated Chivo wallet is expected to carry out instantaneous low fee Bitcoin transactions while fixing concerns related to stability and scalability.
Within the first month of establishing BTC as a legal tender, Nayib Bukele is the President of El Salvador announced that Chivo wallet onboarded 2.1 million Salvadorans, which by the end of the year amasses 75% of the population, the mass adoption met with numerous roadblocks, including system issues and missing funds.
Seeking a permanent solution for over 4 million BTC users, the government of El Salvador partnered with a white label infrastructure provider, AlphaPoint is focusing heavily on Chivo wallet's stability and uptime, scalability, and social impact.
Chivo intends to expand its consumer-faced use cases to other day-to-day transactions like simplifying payments of home utilities, taxes, and many other daily transactions in Bitcoin.
“The project has aspirations to Chivo is also in the process of deploying 1,500 Bitcoin ATMs around the country to more readily serve the Salvadoran population.”
AlphaPoint integration will extend support for point of sale systems, the Salvadoran government's administrative console. the update includes improved "Lightning integration for nearly instantaneous low fee Bitcoin transactions via QR and Lightning addresses." Igor is AlphaPoint CEO and co-founder said that:
“El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. We are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking.”
The government of El Salvador is exploring the possibility of BTC loans with lower interest rates. in Pursuit of exploring greater use cases for BTC.
Read: El Salvador preparing 20 bills to provide legal framework for Bitcoin bonds
