AlphaPoint to power El Salvador’s Chivo, first national Bitcoin wallet

AlphaPoint, white label infrastructure providing software infrastructure technology, is supporting Chivo and integrating its entire financial ecosystem, Invezz learned from a press release.

Chivo is the first national crypto wallet in the world with almost 4.5 million active users in El Salvador. The government deposited $30 in Bitcoin in every El Salvadoran’s wallet as ‘seed money’ to promote Bitcoin transactions.

Simplifying payments

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Chivo aspires to simplify payment of taxes, utilities, and many other daily transactions in Bitcoin in the coming year. Every Starbucks, McDonalds, Walmart, and government office in the country accepts Bitcoin with the wallet.

Around three-quarters of the population had downloaded the wallet by the end of last year. Chivo is also in the process of deploying 1,500 Bitcoin ATMs around the country to more readily serve its users.

AlphaPoint supports wallet infrastructure

AlphaPoint supports the frontend and backend infrastructure that powers Chivo. It provides integration for the whole ecosystem including mobile POS, the mobile app, merchant website portal, administrative console, and call center support.

Focus on stability and uptime

The leading global technology provider focuses on wallet scalability, uptime, stability, and social impact. It also integrates services using machine-learning facial recognition and other verification tools.

AlphaPoint also improved the Lightning integration for low-fee, almost instant Bitcoin transactions via QR and Lightning addresses.

Chivo transactions passes 2M last month

70% of the population is unbanked and Chivo is providing infrastructure to bring these people into the financial ecosystem. The wallet facilitated over 2 million transactions last month. It’s free to use with zero commissions.

Igor Telyatnikov, Cofounder and CEO of AlphaPoint commented:

El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level. No one else has attempted to execute a project of this size. We at AlphaPoint are honored to be involved in the process and provide the scalable and reliable solutions needed for this massive undertaking. The Chivo application is currently supporting millions of Salvadorans, many for their first time accessing financial services.

AlphaPoint was the first white label marketplace provider in the cryptocurrency industry and has been a trusted solution for large-scale institutional-grade exchange infrastructure for more than eight years.