El Salvador relaunches the Chivo Wallet, which promises to enable instant low-fee Bitcoin transactions by integrating with white-label infrastructure provider AlphaPoint while addressing issues related to stability and scalability.
In June, El Salvador became the first country in the world to adopt bitcoin as legal tender after Congress approved President Nayib Bukele’s proposal to embrace cryptocurrency.
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As many as 2.1 million users are now actively using the Chivo wallet, the government’s official wallet dedicated to carrying out Bitcoin-related transactions.
In October last year, El Salvador’s digital Bitcoin wallet Chivo removed a pricing feature that allowed users to make quick profits on trades.
This integration with AlphaPoint will expand the reach of the Chivo Wallet to other everyday transactions, such as simplifying payments for home utilities, taxes, and many other everyday Bitcoin transactions.
The official statement also stated that 1,500 Bitcoin ATMs will be deployed nationwide in El Salvador in order to more easily serve the population of El Salvador. “
The latest AlphaPoint integration will expand support for point-of-sale systems, websites, and the El Salvador government management console. Additionally, the update will help Chivo Wallet enable near-instant low-fee Bitcoin transactions via QR and Lightning addresses.
AlphaPoint CEO and co-founder Igor Telyatnikov said:
“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.”
Last month, the digital currency ecosystem slipped to unprecedented lower levels when Bitcoin (BTC) dipped to its lowest level in 5 months to a price below $39,000.
El Salvador, whose president, Nayib Bukele, announced the administration had acquired another 410 Bitcoins for just $15 million.
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