Bitcoin service providers registered in El Salvador include Chivo, the Company behind the state-issued cryptocurrency wallet and kiosk, Paxos Trust Company, Paxful and OpenNode.
Qredo, a decentralized finance company, has received approval to register as a Bitcoin (BTC) service provider in El Salvador.
Qredo said in Wednesday's announcement that el Salvador's Central Reserve Bank has accepted the cryptocurrency company's registration as a recognized bitcoin service provider under the country's Bitcoin law. According to the registration website, Qredo is authorized to hold BTC, offer Bitcoin wallets, process payments and act as an exchange for digital assets.
As a cryptocurrency service provider, Qredo said it must comply with local laws and international practices regarding digital assets, as well as risk management to prevent loss or theft. Other providers registered in El Salvador include Chivo, the Company behind state-issued crypto wallets and kiosks (similar to Bitcoin ATMs), as well as Paxos Trust Company, Paxful and Bitcoin payment processor OpenNode.
Integration of Bitcoin and Chivo in El Salvador's economy: Success or failure？
“BCR's decision opens the door to additional opportunities for Qredo in El Salvador and expands our footprint in Latin America, where we believe there is great potential for digital assets,” said Qredo CEO Anthony Foy.
A survey reported by el Salvador's Chamber of Commerce in March showed that 14 percent of local businesses have used BTC for transactions since the Bitcoin law took effect in September 2021. Nayib Bukele, El Salvador's president, continues to push cryptocurrency-related initiatives in the country, including Bitcoin City, backed by a $1 billion BTC bond, mining cryptocurrencies using geothermal energy from volcanoes and announcing a buying spree on social media -- as of January, State leaders have purchased 1,801 BTC.