El Salvador relaunches Chivo wallet, plans to deploy 1,500 Bitcoin ATMs

El Salvador was the first country to accept Bitcoin (BTC), and has relaunched the Chivo wallet to address local challenges. The updated Chivo wallet integrates AlphaPoint, which will allow for instantaneous, low-fee Bitcoin transactions. This will also address concerns regarding stability and scalability.

President Nayib Bukele announced the Chivo wallet had been used by 2.1 million Salvadorans within the first month of BTC being made a legal tender. This figure represents 75% of the country’s population at the end of 2017. The mass adoption was hampered by system problems and missing funds.

The government of El Salvador sought a permanent solution to the over 4,000,000 BTC users. AlphaPoint, a white-label infrastructure provider, was partnered with El Salvador. They emphasized stability, uptime, scaling, and social impact for Chivo wallet.

According to Chivo’s official statement, Chivo plans to expand its consumer-facing use cases to include other daily transactions, such as simplifying home utility payments, taxes, and other transactions in Bitcoin.

“The project hopes to Chivo and is currently in the process to deploy 1,500 Bitcoin ATMs throughout the country to better serve the Salvadoran population.”

AlphaPoint’s latest integration will allow for the expansion of support for point-of sale systems, websites, and the administrative console of Salvadoran government. The update also includes an improved “Lightning Integration for almost instantaneous low fee Bitcoin transactions via QR or Lightning addresses.” Igor Telyatnikov, AlphaPoint CEO, said:

“El Salvador and President Bukele have truly led the global revolution in Bitcoin adoption. This is their first major attempt at country-wide adoption. We are proud to have been part of this huge undertaking and offer the reliable and scalable solutions that will make it possible.

Related: El Salvador looks into low-interest loans that are backed by Bitcoin

El Salvador’s government is looking into the possibility of BTC loans at lower interest rates in order to explore more uses for BTC.

Cointelegraph reported that Monica Taher (El Salvador’s Director for Technology and Economy International Affairs) hosted a Facebook Live Event to discuss the issue of providing low-interest BTC loans for small and micro-businesses. She spoke to Cointelegraph and said:

“The Bitcoin small loans will allow the unbanked to have access to digital money and help them build credit histories. El Salvador’s economy will grow by supporting its small businesses.

https://cointelegraph.com/news/el-salvador-relaunches-chivo-wallet-plans-to-deploy-1-500-bitcoin-atms