• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Crypto platform Bitso working with El Salvador on Chivo digital wallet

September 7, 2021 by David Barret Leave a Comment

September 7, 2021

(Reuters) – Fintech Bitso, a cryptocurrency platform, said on Tuesday it will be the core service provider for Chivo, the bitcoin digital wallet launched in El Salvador as it becomes the first country in the world to adopt bitcoin https://ift.tt/3n5sGKe as legal tender.

Bitso said it will work with Silvergate Bank, a U.S. federally-regulated and California state-chartered bank, to facilitate transactions in U.S. dollars.

“We are looking forward to working with El Salvador in an initiative that will transform payment structures and increase financial inclusion in the country,” said Santiago Alvarado, vice-president of Bitso for Business.

President Nayib Bukele, who pushed for adoption of the cryptocurrency, has argued that using bitcoin will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to those with no bank account.

“As the leading crypto exchange in the region, we are thrilled to bring our experience in remittances and in secure and low-friction financial services to Salvadorans,” said Alvarado.

Bitso said that its services accounted for the processing of more than $1.2 billion in remittances between the United States and Mexico in 2020 and that it would now apply its expertise to El Salvador, where some 70% of people lack adequate access to basic financial services.

Salvadorans last year sent home almost $6 billion from abroad, mostly from the United States. The sum is equivalent to some 23% of the country’s gross domestic product.

Bukele’s government has promised $30 of bitcoin for each user. Earlier on Tuesday, Salvadorans trying to download the Chivo digital wallet found it was unavailable on popular app stores.

Bukele said in a tweet that the government had temporarily unplugged it, in order to connect more servers to deal with demand. He blamed app download platforms for the delay.

(Reporting by Anthony Esposito in Mexico City, Editing by Rosalba O’Brien)

Source Link Crypto platform Bitso working with El Salvador on Chivo digital wallet

David Barret
David Barret

Related posts:

  1. Tennis – Azarenka calls for mandatory COVID-19 vaccinations
  2. Apple offers small concession in easing App Store rules for Netflix, others
  3. U.S. weekly jobless claims fall; layoffs at 24-year low
  4. Explosion snags $6M on $120M valuation to expand machine learning platform

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Life And Death Of David Vetter, The Boy Who Lived His Whole Life In A Bubble
  • Time’s Arrow Within Glass Appears To Go Both Ways, Raising Huge Questions
  • World’s “Oldest Baby” Born From Embryo Frozen In 1994 In New World Record
  • What Can Spain’s “Tunnel Of Bones” Tell Us About The Fate Of Human Species On The Brink Of Extinction?
  • Rhino Horns Go Radioactive As Anti-Poaching Project Gets Off The Ground
  • Manta Rays Officially Get Third New Species – 15 Years After First Suspected
  • “Space Hurricanes” Are Happening At Earth’s Poles – And They Can Affect GPS Signals
  • There Is A Crucial Reason Why We Will Never See The Big Bang Directly With Our Telescopes
  • How Does An MRI Machine Work?
  • Catch A Glimpse Of One Of The World’s Rarest Sharks In Dreamy New Footage
  • A One-Shot Vaccine For HIV Might Actually Be On The Cards
  • Chikungunya Virus Is Spreading In China: As CDC Considers Travel Advisory, Here’s What To Know
  • First-Of-Its-Kind Vagus Nerve Implant Gets FDA Approval As A Therapy For Rheumatoid Arthritis
  • First Time Crystal Made Of “Exotic” Giant Atoms 1,000 times Larger Than Hydrogen
  • Prehistoric Humans Began Eating Tubers 700,000 Years Before Our Teeth Evolved To Do So
  • The World’s Oldest Wild Bird “Surprised” Everyone With A Hatched Chick At 74
  • “Spectacular” New Species Of 40cm Giant Stick Insect May Be Australia’s New Heaviest Insect
  • What Is “Nobel Disease”, And Why Do So Many Prizewinners Go On To Develop It?
  • New Human “Mini-Brains” Combine Cells From The Whole Brain – Even The Blood Vessels
  • Aging NASA Spacecraft Could Intercept The Interstellar Comet On The Other Side Of The Sun, Astronomers Suggest
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version