El Salvador’s authority-supported Bitcoin (BTC) wallet has reportedly achieved major success, adoption-wise, as revealed by an exec at the cryptocurrency exchange operating the wallet.

Specifically, the Chivo wallet was reportedly introduced simultaneously with BTC legalized as a legal tender in El Salvador on September 7th of last year. 

The official platform reportedly offers to facilitate features for the selling and purchasing of Bitcoin, along with crypto custody and exchange services provided by the Mexican crypto trading platform Bitso.

In essence, Bitso reportedly offers back-end technology to help the El Salvador authority buy Bitcoin, as well as make sure that BTC can be converted into the United States dollar, as revealed by Bitso’s chief corporate and regulatory affairs officer Felipe Vallejo. 

“Ever since it began working with the government in September, Bitso has continued to provide liquidity to the Chivo wallet.” 

Vallejo further claimed that Bitso set up shop in El Salvador via Chivo and is present in the nation exclusively via that platform at the moment. Nonetheless, the exchange operates in Mexico, Brazil, Argentina, and Colombia.

Per Vallejo, Chivo has reportedly achieved significant success in the seven months following some rough patches during the introduction, when the wallet came across technical problems and had to temporarily go offline.

“Through our work with the Chivo Wallet, we’ve been able to see how a significant part of the population has turned to use the application for safe and easy transactions”. 

Vallejo reportedly mentioned research conducted by the National Bureau of Economic Research, with insights suggesting that 40% of those who downloaded the Chivo wallet continued to use it after they received their government incentives.