El Salvador Chivo Bitcoin Wallet relaunches to serve 4 million users

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El Salvador, a country that became infamous for being the first sovereign nation to accept bitcoin as legal tender, continues its journey through uncharted waters. To materialize the move, the country had launched its own government-approved bitcoin wallet, Chivo, to conduct crypto transactions in the country. Encourage residents to accept the wallet by offering a $30 sign-up bonus.

Since then, “Bitcoin Day” has passed and Salvadoran citizens are settling to use the cryptocurrency as legal tender alongside the US dollar. However, there were a few issues to be resolved with the bitcoin wallet, and one of those issues being the ability to function properly for all residents of the country led to the relaunch of the Chivo wallet.

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Relaunch of the Chivo portfolio

Since launching Chivo last year, the number of active users has grown rapidly. It eventually grew to 2.1 million users, a milestone that was celebrated by the president. However, this had started to have stability and scalability issues. As with any good wallet, the Chivo wallet needs to be able to expand to accommodate a large number of users, which results in relaunch.

This new version of the application will allow more users to access and use it seamlessly. This will eliminate the stability issues that arose with the first release. Which makes it a better choice for the more than 4 million expected users who will use bitcoin as legal tender in the country. Users have encountered issues such as missing funds, system issues, fraudulent transfers, etc. which will be addressed during follow-up.

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The Salvadoran government has reportedly partnered with AlphaPoint, a white-label infrastructure provider that will ensure that the Chivo wallet is always operational and stable, as well as managing scalability and social impact issues. This relaunch will fix a variety of existing issues and add new features to provide a better user experience.

“El Salvador and President Bukele are truly leading the world with this first major nationwide Bitcoin adoption experience. this massive undertaking,” said Igor Telyantnikov, CEO/Founder of AlphaPoint.

El Salvador to Install 1,500 Bitcoin ATMs

Along with the relaunch of the Chivo app, El Salvador announced plans to roll out more ATMs to make bitcoin accessible to residents. The acceptance of bitcoin as legal tender has been accompanied by the installation of several bitcoin ATMs throughout the country to allow easy and fast payments. But the country is one step closer to earning its title as the bitcoin capital of the world.

BTC at $36,000 | Source: BTCUSD on TradingView.com

El Salvador will add 1,500 more Bitcoin ATMs nationwide, which will be deployed in different locations. The country is setting up these ATMs “to more easily serve the people of El Salvador,” the statement said.

Featured image from Reuters, chart from TradingView.com

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