El Salvador’s government-backed Bitcoin (BTC) wallet has reached significant success in terms of adoption, according to an exec at the cryptocurrency exchange behind the wallet.
The Chivo wallet was launched in conjunction with BTC becoming legal tender in El Salvador on Sept. 7, 2021. The official platform allows users to buy and sell Bitcoin, offering cryptocurrency custody and exchange services provided by the Mexican crypto trading platform Bitso.
Bitso essentially provides back-end technology so that the government of El Salvador can purchase Bitcoin and ensure that BTC is convertible to the United States dollar, Bitso’s chief corporate and regulatory affairs officer Felipe Vallejo told Cointelegraph on Friday.
“Ever since it began working with the government in September, Bitso has continued to provide liquidity to the Chivo wallet,” Vallejo