El Salvador, the first country to adopt Bitcoin as a legal tender, has relaunched its in-house Chivo wallet to address the existing challenges of BTC transfers locally. With AlphaPoint integration, the updated Chivo wallet is expected to carry out instantaneous low-fee Bitcoin transactions while fixing concerns related to stability and scalability.
Within the first month of establishing BTC as a legal tender, President Nayib Bukele announced that Chivo wallet onboarded 2.1 million Salvadorans, which by the end of the year amasses 75% of the population. However, the mass adoption met with numerous roadblocks, including system issues and missing funds.
Seeking a permanent solution for over 4 million BTC users, the government of El Salvador partnered with a white label infrastructure provider, AlphaPoint, focusing heavily on Chivo wallet’s stability and uptime, scalability, and social impact.
According to the official statement, Chivo intends to expand its current consumer-faced use cases to other day-to-day transactions such as simplifying payments of home utilities, taxes and many other daily transactions in Bitcoin:
“The project has aspirations to Chivo is also in the process of deploying 1,500 Bitcoin ATMs around the country to more readily serve the Salvadoran population.”