The Mexico-based cryptocurrency exchange will work with US bank Silvergate Bank and Athena Bitcoin.
Bitso, one of Latin America’s leading cryptocurrency exchange platforms, has agreed to work with El Salvador as the country seeks to implement its adoption of Bitcoin as legal tender.
For one ad that the crypto platform shared on September 7th indicates that the Mexico-based exchange 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 developing El Salvador’s Bitcoin vision by being the core crypto service provider for Chivo “, said the exchange platform in the statement.
Bitso looks forward to helping the Central American country in its historic move to ” transform payment structures and increase financial inclusion “, said Santiago Alvarado, vice president for platform affairs, in a statement quoted by Reuters.
Salvadorans should sign up for the Chivo wallet to receive 30 dollars 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 one of the 200 Bitcoin ATMs currently available in the country.
To facilitate the use of the Chivo wallet, Bitso will work with the US-based and federally licensed Silvergate Bank to process transactions in US dollars. For its part, Athena Bitcoin, Bitcoin ATM provider, will help manage ATM transactions.
A significant portion of remittances across the U.S.-Mexico corridor pass through Bitso, with an estimated $ 1.2 billion processed in 2020. The partnership with Nayib Bukele’s government is therefore aimed at helping a growing number of Salvadorans process remittances from the United States and Latin America.
Bitso, which has more than 2 million users, offers access to nine major cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC).