- 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.
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