El Salvador plans major updates to Chivo Wallet

El Salvador has announced the signing of two major partners to fix issues and update its Chivo Wallet.

Since the launch of El Salvador’s Chivo Wallet more than four million people have downloaded and utilized the cryptocurrency wallet.

Many issues have been found and the local wallet has struggled to patch or remedy these problems.

The first company the country has signed is Netki, which is based in Los Angeles.

Netki will focus on building better KYC/AML services for the wallet. This update will help remove some of the identity theft issues and fraud accounts that have been growing with the wallet.

El Salvador has also partnered with AlphaPoint, a New York based software company. This company will help the underlying technical issues with the product. AlphaPoint will be supporting both the front and the back end of the software, pushing to fix any technical issues that arise.

The Chivo Wallet has only been released for five months but has an incredible user base. The relative success of the wallet is tied to El Salvador accepting Bitcoin (BTC) as legal tender in the country.

Chivo Wallet was announced and distributed $30 worth of BTC to all citizens who signed up.

Typically, user counts for new crypto products rise slowly and allow developers to fix issues in real time. The incredible number of users downloading Chivo Wallet has created a massive backlog of issues and help was required.

The issues with Chivo Wallet range from minor inconveniences to massive fraud. Some users have reported constant failed transactions and blocked accounts. Other users have reported identity theft issues and fraud. The two US companies should be able to resolve these issues and bring in better security for the wallet.

On September 7, El Salvador made history by becoming the first country to legalize BTC as a legal tender. While the ratings behind the adoption have been mixed, the result has pushed other countries to consider a similar move.

If Chivo Wallet can remedy their issues and BTC usage becomes more mainstream in El Salvador we can expect more countries to follow suit. Each country that enables BTC as a legal tender will bring massive real-world adoption to the cryptocurrency.

Source

Updated: 02/14/2022 — 18:00