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<ul class="summary-list"><li><keyword id="11931676" type="UNKNOWN" weightage="60" keywordseo="el-salvador" source="Orion">El Salvador</keyword> has signed up software developer <keyword id="13098272" type="UNKNOWN" weightage="60" keywordseo="alphapoint" source="Orion">AlphaPoint</keyword> to improve its Chivo <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> wallet.</li><li>People using the wallet have complained about issues like disappearing funds and identity theft.</li></ul>El Salvador has enlisted a new <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> software provider for its Chivo bitcoin wallet, which has drawn floods of complaints about failed transactions, lost funds and other tech <keyword id="13098273" type="UNKNOWN" weightage="60" keywordseo="glitches" source="Orion">glitches</keyword>.US developer AlphaPoint is now providing the infrastructure for the cryptocurrency wallet, the country's government said Tuesday. El Salvador began issuing Chivo wallets to its citizens soon after it became the first country in the world to adopt bitcoin as <a href="https://www.businessinsider.com/el-salvador-makes-bitcoin-legal-tender-2021-9">legal tender</a> in September. The mobile app lets people and businesses send and receive bitcoin.It is now being actively <a href="https://markets.businessinsider.com/news/currencies/el-salvador-bitcoin-crypto-chivo-wallet-president-nayib-bukele-2021-9">used by millions of people</a>, its leader President <keyword id="11931679" type="UNKNOWN" weightage="60" keywordseo="nayib-bukele" source="Orion">Nayib Bukele</keyword> has said.But Chivo users have reported a range of problems, such as <a href="https://www.coindesk.com/business/2021/10/29/identity-thieves-exploit-el-salvadors-chivo-bitcoin-wallets-setup-process/">identity theft</a>, funds disappearing from wallets, blocked accounts, and unauthorized transactions. Phishing scams and bots targeted people seeking help on social media, according to reports.The government put $30 worth of bitcoin in every wallet to encourage its use. Several people have claimed that hackers opened their Chivo wallets with their ID numbers to claim this incentive, <a href="https://www.theblockcrypto.com/post/131452/el-salvadors-chivo-wallet-keeps-breaking-and-users-are-seeking-answers">the Block reported</a>.Athena Bitcoin, a provider and operator of bitcoin ATMs, supplied the technology for the <keyword id="12102963" type="UNKNOWN" weightage="60" keywordseo="chivo-wallet" source="Orion">Chivo wallet</keyword> before being replaced by AlphaPoint."El Salvador and President Bukele really are leading the world in terms of national adoption of bitcoin," AlphaPoint co-founder and chief executive Igor Telyatnikov said in a statement."No one else has even attempted a project of this nature. We at AlphaPoint are honoured to be involved in the process and to supply solutions that are both reliable and in keeping with the scale of this effort. The Chivo Wallet app is supporting millions of Salvadoreans, many of whom are accessing financial services for the first time."Bukele has said that making bitcoin legal tender will make it easier for people to get access to financial services, and to send and receive remittances from abroad. About 71% of Salvadoreans don't have a bank account, according to Statista.But the IMF in January <a href="https://markets.businessinsider.com/news/currencies/imf-el-salvador-bitcoin-legal-tender-crypto-large-risks-bukele-2022-1">urged</a> El Salvador not to use bitcoin as legal tender, pointing to financial stability and consumer protection risks — a call rejected by Bukele.

El Salvador's Chivo bitcoin wallet gets a new software developer after complaints about ID theft and disappearing funds

<ul><li>The <keyword id="12048692" type="General" weightage="80" keywordseo="chivo-wallet" source="Orion">Chivo Wallet</keyword> has struggled with front-end and backend issues since it came into being in September this year.</li><li>American AlphaPoint will be the new service provider maintaining Chivo.</li><li>The IMF had earlier recommended that El <keyword id="162384" type="General" weightage="100" keywordseo="salvador" source="Orion">Salvador</keyword> suspend its efforts to make <keyword id="6354947" type="General" weightage="20" keywordseo="Bitcoin" source="Orion">Bitcoin</keyword> legal tender.</li></ul>El Salvador’s bug-ridden Chivo wallet is coming back with a new crypto software provider. On February 1, crypto software provider AlphaPoint <a href="https://www.presidencia.gob.sv/empresa-alphapoint-une-esfuerzos-para-proveer-tecnologia-a-chivo-wallet-la-primera-billetera-digital-nacional-del-mundo/">announced</a> that the company has signed up to become the technology provider for the wallet. The Chivo wallet serves as the primary means of transaction for El Salvadoreans who want to use <a href="http://coindcx.com">Bitcoin</a> as legalised currency. However, the wallet has been plagued by bugs and breakdowns, which could deter users from depending on it. Especially given that legalised currency would essentially become part of the country’s domestic infrastructure. Coindesk <a href="https://www.coindesk.com/business/2022/02/01/el-salvador-using-crypto-software-firm-alphapoint-to-fix-chivo-wallet-problems/">reported</a> that AlphaPoint has started “shoring up” the “problematic” front end and back-end infrastructure deployed on the Chivo wallet. The company will now provide not only the technology for the wallet, but also for point-of-sale operations, merchant websites, and call centre, software and administrative support. The agreement with El Salvador is the first government contract for the American crypto finance technology firm. Salvador’s move comes despite the fact that the <keyword id="6366068" type="General" weightage="20" keywordseo="international-monetary-fund" source="Orion">International Monetary Fund</keyword> (IMF) had <a href="https://abcnews.go.com/International/wireStory/el-salvador-angrily-rejects-imf-call-drop-bitcoin-82588223">recommended</a> that the country should dissolve its $150 million fund, which was created to support Bitcoin as legal tender. <cmsannotation type="cmsannotation" annotationid="Chivo breakdowns" comment="subhead" text="Chivo breakdowns">Chivo breakdowns</cmsannotation> According to a <a href="https://twitter.com/nayibbukele/status/1483864949512409091?s=20&amp;t=UcUewLCBetxK7x8a_3pqYg">tweet</a> by <keyword id="7289943" type="General" weightage="20" keywordseo="nayib-bukele" source="Orion">Nayib Bukele</keyword>, Salvador’s President, on January 19 the Chivo wallet already has four million users, which would suggest that an overwhelming majority of the country’s population has already signed up. El Salvador’s population stands at 6.5 million, according to various estimates and <keyword id="11188607" type="General" weightage="20" keywordseo="bukele" source="Orion">Bukele</keyword>’s own tweet. However, the government has struggled to keep up with this demand. The country launched the Chivo wallet in September 2021, shortly after passing a legislation to formally accept Bitcoin as currency within its borders. Since then, multiple reports — both on social media and through various publications — have cited problems with the app’s functioning and an inability to keep up with the traffic. “I have been waiting for almost two months for them to help me with a transaction of almost $1000 at the time, now with the value of btc plummeting and it will continue like this, apparently it is much less, I am still waiting for one day they can solve it and for pleasure,” a user <a href="https://twitter.com/Josh_91_L/status/1469117926615695363?s=20&amp;t=NfgnqbpO-sZ9qhqNNGb9fg">tweeted</a> on December 10, 2021. The tweet was originally posted in Spanish. The wallet’s functioning has been quite opposed to Chivo’s meaning in local Salvadoran slang — it’s supposed to mean ‘cool’. Users who sign up for the wallet get $30 in Bitcoin for signing up and do not have to pay commission on transactions to other users of the app. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/crypto-winter-is-coming/slidelist/89298409.cms#slideid=89298448">I know what you did last crypto winter…</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tata-motors-maruti-suzuki-tech-mahindra-hdfc-and-other-hot-stocks-on-february-2/slidelist/89287937.cms">Tata Motors, Maruti Suzuki, Tech Mahindra, HDFC and other hot stocks on February 2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/india-will-launch-a-digital-rupee-in-the-next-year-and-plans-a-30-tax-on-crypto-related-income-according-to-the-finance-minister/articleshow/89279512.cms">India will launch a digital rupee in the next year and plans a 30% tax on crypto-related income, according to the finance minister</a>

El Salvador’s Chivo wallet is returning with a new service provider

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Thomson ReutersMichael Novogratz, President of Fortress Investment Group, speaks at the annual Skybridge Alternatives Conference (SALT) in Las Vegas</div></div></div><ul><li>Mike Novogratz has led a $52.5 million fundraise for crypto-lending startup BlockFi, the company announced Tuesday. </li><li>The firm will use the funds to expand its lending platform outside the US and to support more digital assets. </li><li>BlockFi allows crypto investors to borrow against their holdings. </li></ul>Mike Novogratz's merchant bank Galaxy Digital has led a $52.5 million fundraising round for crypto-lending startup BlockFi, the firm announced on Tuesday. The New York-based firm offers corporate and retail clients loans on their crypto holdings, with a loan book in the millions.Founded by former Cognical senior vice president Zac Prince, the firm has raised money in two rounds this year. In February, it raised $1.55 million from ConsenSys Ventures, SoFi, and Kenetic Capital, <a href="https://www.coindesk.com/crypto-asset-lending-startup-blockfi-raises-1-55-million/">as CoinDesk previously reported</a>. The most recent round comes as BlockFi eyes expansion in new states and international markets, and the addition of new products. It is also looking to support more cryptocurrencies. Potential new business opportunities are in fixed-income and debt investments, as well as lines of credit and a credit card, Prince told Business Insider. To that end, the firm has brought on former Bank of America managing director Rene van Kesteren, who ran a seven-person equity-structured financing business before joining BlockFi in May. Currently, BlockFi allows investors to take out a loan as high as $250,000 using either bitcoin or ethereum as collateral. That lets investors retain ownership of their crypto and not miss out on the next potential price surge, but to also have cash on hand to pay employees or go on a vacation, for instance. This marks the most recent investment for Novogratz's Galaxy, which has been pouring money into crypto funds at a fast clip. In June, Galaxy invested $35 million into virtual-reality firm High Fidelity, and <a href="http://fortune.com/2018/06/15/mike-novogratz-alphapoint-crypto/">$15 million in AlphaPoint, a New York firm building out a platform for tokenized assets</a>. <a href="https://www.businessinsider.com/galaxy-the-crypto-bank-founded-by-mike-novogratz-is-investing-hundreds-of-millions-of-dollars-in-projects-thatll-lure-wall-street-to-bitcoin-2018-6">As Business Insider previously reported</a>, Galaxy, which has businesses in asset-management, trading, and investing, has made a significant number of investments in the market for digital coins which have not yet been disclosed publicly.People familiar with the firm's operation said the principal-investment team has purchased stakes in high-volume initial coin offering projects and has a significant portfolio of early stage ventures.As for BlockFi, Novogratz said: "A robust lending market is the keystone for financial systems and BlockFi's institutional approach and deep lending expertise were key drivers in our decision to partner with them." <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/value-investing-applied-to-the-socially-responsible-sector-2018-7">Expanding Warren Buffett's value investing approach to the socially responsible sector</a></h3> <div> </div> </div>

Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://wallstreetweek.com/">Wall Street Week</a></div></div></div><ul><li>Michael Novogratz's merchant bank Galaxy Digital has access to hundreds of millions of dollars to invest in crypto companies. </li><li>Its venture arm is eyeing companies that are building infrastructure solutions to lure Wall Street to the market for digital coins.</li></ul>Famed hedge funder-turned-crypto enthusiast Mike Novogratz launched merchant bank Galaxy Digital earlier this year and its venture capital arm is already hard at work.Business Insider has learned that Galaxy, which has businesses in asset-management, trading, and investing, has made a significant number of investments in the market for digital coins which have not yet been disclosed publicly. People familiar with the firm's operation said that the principal investment team, which staffs four people, has invested in high-volume ICO projects and has a significant portfolio of early stage ventures. The firm already announced it led a $15 million round in AlphaPoint, a New York firm that helps companies launch their own digital tokens, but other investments by Galaxy remain under wraps. Leading the unit's efforts is Sam Englebardt, a venture capital veteran who joined Galaxy in 2017. Greg Wasserman, a former vice president at Goldman Sachs, joined the firm as co-head of the venture unit in February. Chris Zioli, formerly of Insight Ventures, also is on the team. Galaxy has two pools of capital, <a href="https://block.one/news/block-one-and-mike-novogratzs-galaxy-digital-announce-joint-venture-for-new-325-million-eos-io-fund/">including a $325 million EOS fund</a>, which is specifically targeting companies that aim to operate off the EOS blockchain. Its second pool comes from the firm's balance sheet, which is in the "hundreds of millions," according to the people. The firm's focus is to invest in infrastructure, meaning companies that are building products to help bridge the gap between Wall Street and crypto, like custody solutions and trading technology. On Wall Street, custody banks such as State Street and BNY Mellon safeguard large amounts of wealth for other institutions while abiding by strict regulatory requirements. Some entities offer such solutions in crypto. BitGo, another crypto tech provider, is working on a qualified custodian product. Paxos, a New York-based firm, holds a trust-company charter in New York.CMT Digital, another crypto venture capital firm, is looking at similar opportunities to Galaxy, said Colleen Sullivan, a partner at the firm. "We look for things missing in the market," she added. "What can help usher a wave of institutional capital. That's better infrastructure and we definitely need custody solutions to mature."Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/impact-investor-says-stop-trying-help-people-without-including-them-2018-6">This impact investor says stop trying to help people without including them in the conversation</a></h3> <div> </div> </div>

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El Salvador's Chivo bitcoin wallet gets a new software developer after complaints about ID theft and disappearing funds

Hamza Fareed Malik

El Salvador’s Chivo wallet is returning with a new service provider

BI India Bureau

Bitcoin king Mike Novogratz leads $52 million investment in crypto-lending startup

Frank Chaparro

Galaxy, the crypto-bank founded by Mike Novogratz, is investing hundreds of millions of dollars in projects that'll lure Wall Street to bitcoin

Frank Chaparro

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