The Mexico-based cryptocurrency exchange will work with US bank Silvergate Bank and Athena Bitcoin.
Bitso, one of Latin America’s leading cryptocurrency exchanges, has agreed to work with El Salvador as the country seeks to implement its adoption of Bitcoin as legal tender.
A announcement that the crypto platform shared on September 7 indicates that the Mexico-based exchange platform will provide the basic services that will help El Salvador use Chivo, the country’s official Bitcoin wallet.
“El Salvador made history by becoming the first country to give Bitcoin legal value, and today we are proud to announce that Bitso is committed to building and developing El Salvador’s Bitcoin vision by being the basic crypto service provider for Chivo ”the exchange platform said in the statement.
Bitso looks forward to helping the Central American country in its historic move to “ transform payment structures and increase financial inclusion “Santiago Alvarado, vice president in charge of platform affairs, said in a statement. cited by Reuters.
Salvadorans should sign up for the Chivo wallet to receive $ 30 worth of Bitcoin for free, with users able to use either BTC or US dollars. Users can access their transactions directly from the Bitcoin wallet or withdraw money from any of the 200 Bitcoin ATMs currently available in the country.
To facilitate the use of the Chivo wallet, Bitso will collaborate with the bank Silvergate Bank, based in the United States and holder of a federal license, for the processing of transactions in US dollars. For her part, Athena Bitcoin, a Bitcoin ATM provider, will help manage ATM transactions.
A significant portion of remittances through the US-Mexico corridor go through Bitso, with an estimated $ 1.2 billion processed in 2020. The partnership with Nayib Bukele’s government therefore aims to help a growing number of Salvadorans process remittances from the United States and Latin America.
Bitso, which has over 2 million users, offers access to nine major cryptocurrencies. Among these are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).
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