El Salvador’s Chivo is Coming Back with a New Crypto Software Provider

The crypto wallet for El Salvador, Chivo is coming back with a new crypto software provider. The crypto software provider, AlphaPoint is the new technology provider for the wallet.

The Chivo wallet is the primary means of crypto transactions for the people in the country. However, it has been affected by bugs and breakdowns. It became a problem for legalising cryptocurrency in the country and having it in the country’s domestic infrastructure. 

Coindesk has reported that AlphaPoint has started figuring out the front-end and back-end problems in the infrastructure deployed on the Chivo wallet. AlphaPoint will also provide technology for the wallet along with the point of sale operations, merchant websites call centre, software and administrative support.

It is the first government contract for the American crypto finance technology firm. El Salvador has taken the step despite the recommendation of the International Monetary Fund (IMF) to dissolve the $150 million fund which was created t support Bitcoin as a legal tender.

Millions of users including the citizens of El Salvador have signed up for Chivo. It was launched in September 2021. The president of El Salvador, Nayib Bukele is known for supporting cryptocurrency and has also announced to build a bitcoin city as well.