El Salvador’s Chivo Wallet Will Receive a Massive Revamp

El Salvador’s Chivo Wallet Will Receive a Massive Revamp
2 mins read News
  • El Salvador’s Bitcoin Wallet — Chivo Wallet, is getting a massive revamp. 
  • The country has hired two US-based companies to improve the crypto wallet.
  • This should resolve all the issues that Chivo Wallet has been facing lately.

El Salvador’s crypto wallet — Chivo Wallet, will be receiving a massive revamp. In particular, the country’s government has hired two capable and highly renowned companies to fix any and all issues presently faced by the Chivo Wallet. 

Specifically, the two companies are both US-based. The first is AlphaPoint from New York. This company will focus on providing support for both the front and back-end aspects of the Chivo Wallet. 

Meanwhile, Netki from Los Angeles will focus on providing KYC/AML services for Chivo. To highlight, this service will allow the wallet to verify its users, thus, protecting the app from fraudsters. 

In detail, the Chivo Wallet came out on September 7, 2021. This was right after the nation’s visionary Prime Minister — Nayib Bukele, made Bitcoin a legal tender in the country. In fact, each citizen was given $30 worth of BTC for downloading and registering on Chivo. 

Presently, the Chivo Wallet holds over 4 million Salvadorans actively using the app. Finally, after months of issues on the wallet, the country has finally taken a huge step to resolve all these issues. 

Specifically, the wallet saw many issues from identity theft to failed transactions to blocked accounts. Thus, with experts like AlphaPoint and Netki on the job, the Chivo Wallet may soon be a true force of strong security. 

Meanwhile, El Salvador has already established itself as a trailblazing leader in the crypto space. While some institutes urge the nation to recall its decision to make Bitcoin a legal tender, others are learning from example. 

Hence, many countries are slowly beginning to legally accept the use of crypto. Also, El Salvador’s decision to mine Bitcoin with the geothermal power of their volcanoes has inspired many to power their Bitcoin miners with renewable green energy. 

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

related posts

Other posts

Bullish Bitcoin Breaks $90K, Will the $76K CME Gap Lead to a Retracement?
IMF Presses El Salvador To Scale Back Bitcoin Law For Fiscal Stability

The International Monetary Fund (IMF) said El Salvador should have eased the scope of its Bitcoin law, adding that the Central American country should steer a cautious path to the cryptocurrency in its economic arena. As the IMF and El Salvador discuss their economic strategies toward macroeconomic stability, the call is to pull back on Bitcoin. Focus on Regulatory Strengthening With recommendations in the cards, IMF Director of Communications Julie Kozack pointed to several during an Oct. 3 press conference. For example, laws like Bitcoin’s law may narrow their scope and enhance regulatory attention to the cryptocurrency ecosystem.  “And the

2 mins read