back Back

El Salvadoran Government leverages AlphaPoint to power Chivo

By Edlyn Cardoza

February 03, 2022

  • AlphaPoint
  • Bitcoin
  • Bitcoin ATMs

Chivo, Crypto Wallet, AlphaPoint, El Salvador, USA, Bitcoin, Bitcoin ATMs, QR, Lightning Addresses, FinTechChivo, the national crypto wallet, is now operating with AlphaPoint white label infrastructure. AlphaPoint, which provides fast, scalable financial technology to institutions globally, is helping El Salvador to offer financial services and access to Bitcoin for millions of Salvadorans actively using the wallet.

In September, El Salvador became the first country to adopt Bitcoin as a legal tender, as the government launched the Chivo wallet to facilitate Bitcoin transactions in the country. The government deposited $30 in Bitcoin in every El Salvadorans’ Chivo wallet as ‘seed money’ to propel Bitcoin transactions.

With every McDonalds, Starbucks, Walmart, Airport and Government office in the country already accepting Bitcoin with Chivo, the project aspires in the next year to simplify payment of home utilities, taxes, and many other daily transactions in Bitcoin as well. Chivo is also in the process of deploying hundreds of Bitcoin ATMs around the country to serve the Salvadoran population more readily.

AlphaPoint supports the frontend and backend infrastructure that powers the wallet and integrates the entire ecosystem, including the mobile application, mobile point-of-sale processing, merchant website portal, call-centre support software, and administrative console. Their build focuses heavily on wallet stability and uptime, scalability, and social impact, while also integrating user verification services leveraging machine-learning facial recognition and authentication tools. AlphaPoint also improved the Lightning integration for nearly instantaneous low-fee Bitcoin transactions via QR and Lightning addresses.

Chivo is a FinTech application providing infrastructure to bring the 70% unbanked population of the country into the financial ecosystem. The AlphaPoint-powered wallet facilitated millions of transactions alone last month, with more businesses enabling daily transactions. The wallet is free to use for all Salvadorans, with zero commissions.

“El Salvador and President Bukele are truly leading globally with this first major experiment in Bitcoin adoption at a country-wide level,” Igor Telyatnikov, Co-founder and CEO of AlphaPoint, said, “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. It is considered a foundational member of the industry with focused priorities in scalability, security, and flexibility to serve clients worldwide.


Previous Article

February 03, 2022

Bernstein joins Appital as Executing Broker

Read More
Next Article

February 03, 2022

Tatra banka in Slovakia selects Temenos Multifonds

Read More

IBSi Daily News Analysis

digital wallets

March 01, 2024


Banking Sector and regulatory framework: addressing India’s growing demand for secure lockers

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

February 28, 2024

iGTB Intellect deploys its CTX platform for Societe Generale

Read More

February 21, 2024

Boom launches Blockchain-based payments platform in Africa

Read More

February 20, 2024

Nukkleus set to acquire cross border payments firm Mercury Global

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q4 2023
Know More
Wealth Management & Private Banking Systems Report Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023