The Mexico-based crypto-currency exchange platform will work with US-based Silvergate Bank and Athena Bitcoin.
Bitso, one of Latin America’s leading crypto-currency exchange platforms, has agreed to work with El Salvador as the country seeks to implement its adoption of Bitcoin as a legal currency.
An announcement the crypto platform shared on Sept. 7 said 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 legal value to Bitcoin, and today we are proud to announce that Bitso is committed to building and expanding El Salvador’s Bitcoin vision by being the core 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, the platform’s vice president of business, said in a statement quoted by Reuters.
Salvadorans should sign up for the Chivo wallet to receive $30 worth of Bitcoin for free, with users able to use 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 US-based, federally licensed Silvergate Bank to process US dollar transactions. For its part, Athena Bitcoin, a Bitcoin ATM provider, will help manage ATM transactions.
A significant portion of remittances across the U.S.-Mexico corridor go through Bitso, with an estimated $1.2 billion processed in 2020. The partnership with Gov. Nayib Bukele is therefore aimed at helping a growing number of Salvadorans process remittances from the United States and Latin America.