El Salvador Partners With Crypto Wallet Provider AlphaPoint To Address Chivo Concerns

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El Salvador has relaunched its Chivo crypto wallet in an apparent attempt to fix a series of issues within the state-run bitcoin wallet, including blocked accounts, unauthorized charges and failed transactions. The Chivo wallet has encountered technical issues since its rollout in September 2021, when the country became the first nation in the world to declare Bitcoin as legal tender, and the government has now confirmed that it has used US company AlphaPoint to help provide better technology infrastructure for the portfolio in the future.

According to a press release, crypto software company AlphaPoint will support the front-end and back-end infrastructure that powers the Chivo crypto wallet and facilitate the integration of the entire ecosystem, including the mobile application, the processing of mobile points of sale (PoS), the support of the merchant site. , call center help desk software and administration console.

AlphaPoint, a company with a global presence since 2013, has focused on areas such as wallet stability and availability, as well as scalability, while integrating user verification services that use facial recognition to learning and other authentication tools. The company says it has also improved Lightning integration for wallets to enable near-instant low-cost Bitcoin transactions via QR and Lightning addresses.

“The government of President Nayib Bukele informs that the American company AlphaPoint is providing the technology for Chivo Wallet, the world’s first national digital wallet. AlphaPoint, which provides financial technology to institutions around the world, adds its expertise to offer financial services and access to bitcoin for millions of Salvadorans who actively use the Chivo wallet,” reads a statement released by the Salvadoran government.

The government also reportedly terminated its contract with Athena Bitcoin, which previously provided the technology infrastructure for the Chivo wallet.

Despite the technological issues, the country’s president, Nayib Bukele, continues to claim that the Chivo wallet is popular among Salvadoran citizens. In a recent tweet, he claimed that the government-issued bitcoin wallet already has 4 million users, which is a significant feat for a country of only 6.5 million people.

The announcement also comes days after the government of El Salvador rejected a recommendation from the International Monetary Fund to drop Bitcoin as legal tender in the Central American country. Treasury Minister Alejandro Zelaya angrily declared that “no international organization will force us to do anything, anything”.

The IMF last week recommended that El Salvador dissolve the $150 million (about Rs 1,120 crore) trust fund it created when it made the cryptocurrency legal tender and return all those funds. unused to its treasury. The agency raised concerns about Bitcoin price volatility and the possibility of criminals using the cryptocurrency for various activities.

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