El Salvador, the first country to accept Bitcoin (BTC) as a legal tender, just relaunched the Chivo Wallet. The new version of the Chivo Wallet claims to allow quick, low-cost Bitcoin transactions. This will be possible via white-label infrastructure provider AlphaPoint. This incorporation will be able to resolve difficulties with reliability and scalability.
In June 2021, El Salvador left a remark on the history of cryptocurrencies on a global scale. It became the first nation to create a law for Bitcoin and accept it as a legal tender. The President of El Salvador, Nayib Bukele, was the one behind the whole process.
Following on, the Chivo Wallet is the government’s official Bitcoin wallet devoted to carrying out Bitcoin-related transactions. As per the record, it currently has an active user base of 2.1 million people.
Earlier this year, Chivo Wallet withdrew a pricing function that enabled users to earn rapid gains on transactions.
The Integration of AlphaPoint in the Chivo Wallet
This connection with AlphaPoint will broaden the scope of the Chivo Wallet to endure a larger trading volume. These transactions involve facilitating payments for home utilities, taxes, and a variety of other daily Bitcoin transactions in general.
In addition, according to the official announcement, 1,500 Bitcoin ATMs will be available across El Salvador to better serve the country’s people.
As a result of the newest AlphaPoint integration, the support for point-of-sale systems, websites, and the El Salvador government administration will expand. The upgrade will also allow Chivo Wallet to support near-instant low-fee Bitcoin transactions over QR and Lightning addresses.
The CEO of AlphaPoint, Igor Telyatnikov, states that El Salvador and President Bukele are taking the world by storm. Telyatnikov focuses on the first significant experiment in Bitcoin adoption on a national scale that El Salvador is doing. He added that they feel honored to participate in this project. Their focus lies in providing scalable and trustworthy solutions necessary for such a monumental effort.
Last month, the cryptocurrency ecosystem saw unprecedented deflation as BTC fell to its lowest level in five months. For the first time in five months, Bitcoin fell as low as $39,000 per coin.
President Nayib Bukele of El Salvador revealed that his government has purchased an additional 410 Bitcoin for a total of $15 million.