El Salvador launches Chivo wallet as bitcoin becomes legal tender

El Salvador launched the Chivo wallet today, the same day that a law making bitcoin legal tender in the Central American country went into effect.

Ahead of the occasion, El Salvador’s president Nayib Bukele tweeted on Sept. 6 that El Salvador had just purchased 200 additional bitcoins ($10.2 million), bringing its total to 400 overall.

The Chivo wallet (slang for “cool”), will support free transactions in bitcoin and U.S. dollars for individuals and companies.

Mexico-based exchange Bitso will provide the core crypto services for Chivo. Bitso says it is working with California-based Silvergate Bank to facilitate the dollar transactions, and that the app will support automatic liquidation of bitcoin transactions into dollars as well as withdrawals at bitcoin ATMs around the country. 

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