Bitso, the Latin America-based cryptocurrency exchange, has said that it will assist El Salvador in launching the state-supported BTC wallet known as Chivo, alongside companies like Silvergate Bank, digital currency company Athena Bitcoin, and blockchain firm Algorand.
It has been reported that Silvergate Bank, a California state-chartered commercial bank and a United States Federal Reserve member, will work with Bitso to facilitate US dollar transactions for the Chivo wallet. Athena Bitcoin will provide some front-end services and Chivo’s ATM-related operations, while Algorand will act as the official blockchain provider.
However, launched Tuesday, the state-issued Chivo wallet is designed to enable individuals and businesses to send payments in Bitcoin or dollars from anywhere in the world. The wallet is available on Android and iOS, allowing users to automatically convert Bitcoin transactions into dollars or keep their Bitcoin holdings and later withdraw them in cash from 200 Bitcoin ATMs installed across the country.
The report said that a spokesperson for Bitso said that Chivo users will not have to pay fees related to the network, noting that “none of the withdrawals, deposits or other transactions” made with the Chivo app would generate fees for users.
The spokesperson added:
“The Salvadoran government has created strategic partnerships to ensure that convertibility is undergone at the most competitive prices possible, and users will not have to be faced with covering any costs.”
“The use of the Chivo wallet is completely optional, and those without citizenship will be able to access the app as well.”
Likewise, Santiago Alvarado, the Vice President of Bitso for business, expressed confidence that El Salvador’s Bitcoin acceptance will have a “positive impact on the lives of millions of Salvadorans.”
Thus, he added:
“Over the last seven years, we have worked tirelessly to identify the best approach to make Bitcoin accessible to more than 2.75 million customers across Mexico, Argentina and Brazil. Today, as the leading crypto-service provider for El Salvador’s wallet, we are committed to making crypto useful for Salvadorans.”