Finally, El Salvador’s government-backed Bitcoin wallet has reached great success in terms of adoption as per the exec at the cryptocurrency exchange behind the wallet. Launched in collaboration with the BTC on Sept 7, 2021, this official platform allows users to buy and sell cryptocurrency custody and exchange services under the Mexican crypto trading platform Bitso.
Bitso offers the latest back-end technology to help the government of El Salvador purchase Bitcoins and ensure the convertibility to the USD if required. They also started to operate in El Salvador through Chivo via the platform as the platform is active in Mexico, Brazil, Argentina, Columbia, and more.
According to Vallejo, Chivo achieved a grand success in just a few months, even after having a bumpy launch and plenty of technical issues that even went offline. He also noted how safe and easy transactions get with Chivo as 40% of those who downloaded this application continued to use it as they received government incentives. This is a strong sign of adoption as more and more people are being educated by the everyday use cases of cryptocurrency. This will help more people dive into the technologies and opportunities the crypto offers.
According to Vallejo, 20% of people who have finished up their free $30 bonus in BTC have continued to use the Chivo wallet, a strong signal of increased adoption. This is also against the backdrop of any other crypto exchanges as it adds to some of the major global exchanges like Coinbase. Bitso and Chivo gradually expect to increase the adoption rates even further in the upcoming years as it is the best tool to understand and utilize for crypto transactions.