El Salvador’s government-backed Bitcoin (BTC) wallet has had great success in terms of adoption, according to an executive of the cryptocurrency exchange behind the wallet.
The Chivo wallet was launched in connection with the legalisation of Bitcoin in El Salvador on September 7, 2021. Users may purchase and sell Bitcoin on the official portal, which also provides cryptocurrency storage and trading services through the Mexican cryptocurrency exchange platform Bitso.
Bitso essentially offers support to El Salvador’s government to acquire Bitcoin and guarantee its conversion to US dollars, according to Bitso’s chief corporate and regulatory relations officer Felipe Vallejo.
The craze of Chivo wallet among El Salvador’s citizen
Vallejo stated that after paying their free $30 reward in BTC, 20% of El Salvador’s citizens continued to use the Chivo wallet. This could be considered a strong indicator of increased adoption when compared to traditional banking services.
The executive also emphasised Chivo’s adoption in comparison to other cryptocurrency exchanges. El Salvador’s population is 6.49 million people, out of which 2.6 million are Chivo users, according to Vallejo. Some big worldwide exchanges, such as Coinbase, have 11.4 million users as of Q4 2021.
Bitso and Chivo hope to expand adoption by teaching people about cryptocurrency and blockchain technology. “Education is the primary obstacle to bitcoin adoption in Latin America and throughout the world.” “We predict greater adoption rates as we continue to give Salvadorans the information and skills”, Vallejo added. Bitso has also been involved in educational endeavours in Argentina, Chile, Colombia, Mexico, Peru, and Uruguay, he said.
