El Salvador Employs AlphaPoint to Power the Country’s Official Crypto Wallet Chivo
Chivo, the world’s first national cryptocurrency wallet, is currently running on white label AlphaPoint infrastructure. AlphaPoint, which offers institutions worldwide with quick, scalable financial technology, is assisting El Salvador in providing financial services and access to Bitcoin for the millions of Salvadorans who actively use the wallet.
AlphaPoint is a provider of white-label marketplace software that powers digital asset exchanges across the globe. AlphaPoint’s secure, scalable, and configurable digital asset trading platform has facilitated the development and operation of digital asset markets, as well as the digitization of assets, for over 150 clients in 35 countries.
El Salvador became the first nation to embrace Bitcoin as legal cash in September, when the government released the Chivo wallet to allow Bitcoin transactions. The government placed $30 in Bitcoin into each El Salvadoran’s Chivo wallet as’seed money’ to help Bitcoin transactions get started.
With Chivo currently taking Bitcoin at every McDonald’s, Starbucks, Walmart, airport, and government office in the nation, the initiative hopes to streamline payment of home utilities, taxes, and a variety of other everyday transactions in the next year. Additionally, Chivo is installing hundreds of Bitcoin ATMs around the nation to better serve the Salvadoran populace.
AlphaPoint manages the wallet’s frontend and backend infrastructure and combines the complete ecosystem, which includes the mobile application, mobile point-of-sale processing, merchant website portal, contact center support software, and administrator interface. Their architecture prioritizes wallet stability and availability, scalability, and social effect, while also incorporating user verification services that use machine-learning face recognition and authentication capabilities. Additionally, AlphaPoint enhanced the Lightning integration, enabling near-instant low-fee Bitcoin transactions using QR and Lightning addresses.
Chivo is the country’s biggest fintech application, offering the infrastructure necessary to integrate the country’s 70% unbanked population into the financial ecosystem. Last month alone, the AlphaPoint-powered wallet handled millions of transactions, with additional companies permitting transactions on a daily basis. The wallet is completely free to use for all Salvadorans, with no transaction fees.
“El Salvador and President Bukele are actually pioneering worldwide acceptance of Bitcoin with this first large-scale trial at the national level,” Igor Telyatnikov, co-founder and CEO of AlphaPoint, said. “No one else has tried to execute a project of this magnitude.” We at AlphaPoint are privileged to be a part of this process and to offer the scalable and dependable solutions required for such a large-scale endeavor. The Chivo application is presently assisting millions of Salvadorans, many of whom are gaining access to financial services for the first time.”
AlphaPoint was the cryptocurrency industry’s first white label marketplace supplier and has been a trusted option for large-scale institutional-grade exchange infrastructure for over eight years. It is regarded as a founding member of the industry, with a strong emphasis on scalability, security, and flexibility in order to serve customers globally.