ICYMI: Here’s how El Salvador is trying to improve the Chivo Wallet
Following issues with its Chivo Wallet, El Salvador’s government has brought on at least two U.S.-based companies to help improve the app.
Now, El Salvador has added two more companies to the roster: New York-based software company AlphaPoint and Los Angeles-based digital identity provider Netki.AlphaPoint: Front-end and back-end support for Chivo “Technology-wise, AlphaPoint technology at its core is a centralized system with a database, but it interoperates with Bitcoin and Lightning [Network] and the banking system,”Previously, a firm called Athena Bitcoin, known for its Bitcoin ATMs, confirmed it was responsible for developing Chivo.
“Netki confirmed over 4 million authentic accounts, and we have successfully identified and blocked attempted fraud,” Netki founder and COO Dawn Newton told The Block. “When faced with the challenge of onboarding the better part of a country’s population — as Chivo was — attempted fraud is a real and serious possibility,” said Newton. “The key for onboarding is to prevent fraud in a manner that is as efficient as possible while preserving the financial rights of legitimate users as much as possible.
He added: “As far as account-related issues, if an account is locked or something else happens, that’s an operational thing managed by the government.”