El Salvador’s Bitcoin Wallet Onboards 4 Million Users With Netki Partnership
El Salvador, the first country to make Bitcoin (BTC) legal tender, has onboarded 4 million users for its government-backed BTC wallet Chivo in partnership with digital identity provider Netki, according to an announcement.
Netki announced that the Chivo Wallet onboarded over 4 million new users in 45 days using the company’s flagship Know Your Customer (KYC)/Anti-Money Laundering (AML) product, OnboardID. The platform also claimed that it facilitated the compliant onboarding of 70% of the country’s previously unbanked population.
El Salvador passed the Bitcoin Bill in June last year and officially made Bitcoin legal tender in September. Nayib Bukele, the president of the small Central American nation, has made it clear that the goal is to bring digital banking services to over 70% of the country’s unbanked population. To promote the use of BTC and ease of transactions, the government launched a national crypto wallet named Chivo and a $30 BTC airdrop.
Major financial institutions, including the World Bank and the IMF, shared drastic forecasts while warning El Salvador of unwarranted economic consequences. However, President Bukele continued to promote the use of Bitcoin in the country and reprimanded the entire fear campaign. After the IMF rejected $1 billion in financial aid, the Salvadoran government launched a Bitcoin Volcanic Bond, as advised by Bitcoin promoter Max Keizer.
Earlier in the day, President Bukele also responded to Moody’s recent downgrade of El Salvador’s sovereign debt and said, “BREAK: EL SALVADOR DGAF”
BREAKING: EL SALVADOR DGAF https://t.co/VuJ25PcvQL
—Nayib Bukele (@nayibbukele) January 17, 2022
Related: El Salvador’s Dollar Debt Plunges on Bitcoin Bond Plans
Chivo helped make El Salvador the first country to make using bitcoin as easy as fiat. Besides transferring money around the world, Chivo wallets are used for everyday transactions in restaurants, cafeterias, shopping malls and all other retail markets.
The government has also rolled out hundreds of Bitcoin ATMs across the country, which facilitates millions of cross-border remittances. Chivo has succeeded in doing what banks have not been able to do for decades.