Share this article
Bitso Is Providing the ‘Core Service’ for El Salvador’s Chivo Bitcoin Wallet
The company will also work with Silvergate Bank to facilitate transactions in U.S. dollars
Updated May 11, 2023, 5:53 p.m. Published Sep 8, 2021, 10:11 p.m.
Mexico-based crypto exchange Bitso is the core crypto-service provider for Chivo, the digital wallet developed by the government of El Salvador for the use of bitcoin throughout the Central American country.
The company said in a press release Tuesday it will work with the U.S.-based Silvergate Bank to facilitate transactions in U.S. dollars. It is unclear whether this includes both international remittances and domestic transactions or only one type of transaction.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitso processed $1.2 billion worth of remittances between the U.S. and Mexico during 2020, adding that it is “now ready to apply this expertise to El Salvador,” the company said.
According to its press release, Bitso’s role as the core crypto-service provider began when the Chivo wallet app was placed in the Android and iOS phone app stores on Tuesday.
“We are looking forward to working with El Salvador in an initiative that will transform payment structures and increase financial inclusion in the country,” said Santiago Alvarado, VP of Bitso for Business. “As the leading crypto exchange in the region, we are thrilled to bring our experience in remittances and in secure and low-friction financial services to Salvadorans.”
In the early hours of Tuesday morning, the Chivo wallet registered technical errors and the government interrupted its use to reinforce “technical aspects,” according to a government statement published on Tuesday.
A spokesperson for Bitso did not respond to a request for comment about its role in this interruption.
According to Bitso, “The use of the Chivo wallet is completely optional, and those without citizenship will be able to access the app as well.”
In May, Bitso raised its Series C funding round at a $2.2 billion valuation. It was the region’s first cryptocurrency company to exceed a $1 billion valuation.
El Salvador has also tapped crypto custodian BitGo for wallet infrastructure and security.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Standard Chartered, Coinbase Expand Crypto Prime Services for Institutions
The companies will explore the development of trading, prime services, custody, staking and lending solutions for institutional clients.
What to know:
- The enhanced partnership builds on the existing tie-up between Standard Chartered and Coinbase in Singapore.
- Standard Chartered provides banking connectivity that enables real-time Singapore dollar transfers for Coinbase’s customers.
Top Stories
