Bitso, a Mexican crypto exchange platform, announced that it will be a core provider for Chivo wallet, El Salvador’s bitcoin wallet. The country officially adopted bitcoin as a legal tender on September 7th.
Bitso is Latin America’s fastest-growing crypto platform with around 2.75 million users. The platform will work with Silvergate Bank to facilitate transactions with bitcoin or US dollars across countries.
El Salvador’s Central Bank estimates that 23% of the country’s GDP comes from remittances sent by immigrants in the US. Bitcoin will serve a huge demand for cross-border payments of the immigrants back to their families in the country.
“We are committed to making crypto useful for the country’s citizens,” said Santiago Alvarado, Vice President of Bitso for Business.
Alvarado added that the company wants to “transform payment structures that can increase financial inclusion” and continue to democratize finance in the country.
Read more on Bloomberg.