El Salvador’s launches Chivo wallet, 1500 Bitcoin ATMs to be installed
The first country to adopt Bitcoin (BTC) as legal tender, El Salvador has relaunched its own wallet project, Chivo, in order to ease local BTC transfers.
Chivo wallet’s scalability, stability, and uptime are of major concern to El Salvador led by the Nayib Bukele government, which is trying to provide a permanent solution for over 4 million BTC users. The country also plans to install 1500 Bitcoin ATMs.
The relaunch of its local Bitcoin wallet, Chivo, is to better address the challenges that currently exist in regards to Bitcoin transfers. The country has also partnered with an infrastructure provider, AlphaPoint, to help make Bitcoin processing easier.
In the updated Chivo wallet, instantaneous Bitcoin transactions are expected to be made with reduced fees, while reliability and scalability concerns are addressed.
The Chivo wallet has rolled out to 2.1 million Salvadorans, which, by the end of the year, will have engulfed 75% of the population. Nevertheless, this rapid growth is not without hiccups, which is why the wallet partnered with AlphaPoint.