El Salvador Bitcoin wallet shows ‘strong sign of adoption,’ exec says - BitcoinEthereumNews.com
El Salvadors government-backed Bitcoin (बीटीसी) wallet has reached significant success in terms of adoption, according to an exec at the cryptocurrency exchange behind the wallet. The Chivo wallet was launched in conjunction with BTC becoming legal tender in El Salvador on Sept. 7, 2021. The official platform allows users to buy and sell Bitcoin, offering cryptocurrency custody and exchange services provided by the Mexican crypto trading platform Bitso. Bitso essentially provides back-end technology so that the government of El Salvador can purchase Bitcoin and ensure that BTC is convertible to the United States dollar, Bitsos chief corporate and regulatory affairs officer Felipe Vallejo told Cointelegraph on Friday. “Ever since it began working with the government in September, Bitso has continued to provide liquidity to the Chivo wallet,” Vallejo said. He added that Bitso started to operate in El Salvador through Chivo and is currently present in the country via that platform only. However, the exchange is active in Mexico, Brazil, Argentina and Colombia. According to Vallejo, Chivo has achieved great success in the seven months after its somewhat bumpy rollout, when the wallet faced technical issues and even went offline. “Through our work with the Chivo Wallet, weve been able to see how a significant