Just recently, it was announced that El Salvador is working on the development of the official wallet for Bitcoin (BTC). In order to make a cryptocurrency wallet, it was important to acquire support and help from a platform experienced in the space.
This is what had become a question for the government of El Salvador, which has been answered in the form of Bitso. Bitso is a major Latin American cryptocurrency exchange, which will reportedly provide support to El Salvador for the development of the official Bitcoin wallet.
The government of El Salvador has announced that bit so will officially be the core developer behind the development of the official Bitcoin wallet. The efforts of developing a Bitcoin wallet came into being as the El Salvador government got the approval of accepting Bitcoin as a legal tender.
This is when Bitso was approached by the El Salvador government to acquire its Support for the development of the official wallet for Bitcoin. The announcement in regards to helping El Salvador develop a Bitcoin wallet was made by Bitso on September 7th, 2021.
Bitso is not the only crypto firm that is going to help El Salvador achieve its goal of developing a Bitcoin wallet. Several other firms from the cryptocurrency industry will be helping El Salvador and work alongside Bitso.
The names of these firms include Algorand, Which is a blockchain firm. Then there is Athena Bitcoin which is a digital currency company, alongside Silvergate Bank. The name of the particular Bitcoin wallet these firms are helping El Salvador develop has been dubbed “Chivo”.
Silvergate Bank is a commercial bank, which is chartered by the State of California, the United States. Apart from being a prominent commercial bank, the Silvergate Bank is also a member of the Federal Reserve of the United States.
Silvergate Bank will be playing the role of providing support to Bitso for Chivo’s transactions linked with the USD. When it comes to providing frond-end services, Athena Bitcoin will be the firm sharing its expertise. Additionally, Athena Bitcoin will also be responsible for providing support to Chivo wallet for operations involving ATMs. Whereas, the blockchain provider for the Chivo wallet will reportedly be Algorand.
The Chivo wallet has reportedly been launched on Tuesday, September 7, 2021. The wallet has been issued by the government of El Salvador. With the help of the wallet, the users would be able to receive and send dollars or Bitcoin to any part of the world.
The government of El Salvador has announced that the particular wallet is available on iOS and Android smartphones. Through the wallet, the users can either convert their Bitcoin to USD or keep them as they are.