El Salvador Revamps Its Bitcoin Wallet Chivo Along With Launching 1500 New BTC ATMs

02. Feb 2022 Posted by Akolkar B on News

The Latin American country El Salvador has been aggressively Bitcoin over the last few months. Earlier this month, El Salvador President Nayib Bukele announced buying the Bitcoin dip adding 410 additional BTC to its treasury.

Now, in another step, El Salvador is also making a move to revamp its Bitcoin wallet Chivo. On Tuesday, February 1, the El Salvador government made an official announcement stating: “The Government of President Nayib Bukele informs that the American company AlphaPoint is providing technology for Chivo Wallet, the first national digital wallet in the world. AlphaPoint, which provides financial technology to institutions globally, is adding its expertise to offer financial services and access to Bitcoin for millions of Salvadorans who are actively using the Chivo wallet.”

The decision comes on the wake of multiple problems being faced recently involving duplicity as well as the disappearance of funds from the Chivo wallet. This was a series matter considering the fact that 61% of El Salvador’s populations has signed up on Chivo. Earlier this month, President Nayib bukele tweeted saying that nearly 4 million people have signed up for the Chivo wallet.

Crypto Wallet security has been one of those grey areas that concerns every investors. Since most of the crypto trading exchanges are centralized, security continues to be a big concern. Even today we have been seeing cases of attackers draining down investors hot wallet.

Thus, it was essential for El Salvador to do something about this persisting issue. Now, the new partner AlphaPoint will provide backend and frontend support to the entire Chivo wallet ecosystem.

Speaking about this announcement, AlphaPoint CEO 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…No one else has attempted to execute a project of this size. We at AlphaPoint are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking”.

In the recent past, the Latin American country has taken multiple Bitcoin initiatives. The country is also looking to offer Bitcoin-backed loans to small businesses operating in the country.

Additionally, El Salvador is also working on deploying 1500 Bitcoin ATMs soon in the country that will facilitate easy use of BTC.