According to the reports, El Salvador’s government-backed Bitcoin (BTC) digital wallet, Chivo, has successfully onboarded about 4 million new users, which was sparked by its recently-established partnership with digital identity supplier Netki.
According to Netki, the partnership was able to rack up such an impressive number of new users to Chivo within the past 45 days primarily because of its flagship Anti-Money Laundering/Know Your Customer product, the OnboardID. On top of that, Netki also claims that the partnership was responsible for onboarding as much as 70% of El Salvador’s previously unbanked population.
Experts believe that this massive influx of new users is the product of ensuring the population that taking part within the world of BTC, as it is now an official legal tender in the country, isn’t all that risky, to begin with.
The El Salvadoran government’s Chivo BTC wallet has been an integral part of making the country the first-ever of its kind to render Bitcoin utility as easy as traditional cash. Within El Salvador, digital wallets aren’t exclusive to online purchases anymore. Chivo wallets are now being used for daily transactions – taking President Nayib Bukele’s vision for the country’s future much closer than ever despite the harsh warnings he may have received over the past year or so from several high-ranking financial institutions.