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Fintech Bitso, a cryptocurrency platform, said it will be the core service provider for Chivo, the bitcoin digital wallet launched in El Salvador as it becomes the first country in the world to adopt bitcoin as legal tender.
Bitso said it will work with Silvergate Bank, a U.S. federally-regulated and California state-chartered bank, to facilitate transactions in U.S. dollars. "We are looking forward to working with El Salvador in an initiative that will transform payment structures and increase financial inclusion in the country," said Santiago Alvarado, vice-president of Bitso for Business. President Nayib Bukele, who pushed for adoption of the cryptocurrency, has argued that using bitcoin will help Salvadorans save $400 million a year on commissions for remittances, while giving access to financial services to those with no bank account.
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