Big Crypto Companies Signing To Land In El Salvador

Many big companies are approaching El Salvador’s government authorities to land in Salvador to expand their Cryptocurrency business & startups at a huge level.

In the last two weeks, El Salvador didn’t gain much attention. Analysis & reports says, instead of new decisions and announcements, government authorities of El Salvador are engaged in ground level hard work to implement their ideas perfectly.

While El Salvador’s president announced Chivo wallet & Bitcoin ATM only except for a few laws & bill discussions in the last two week. 

Related: El Salvador’s Official Bitcoin Digital Wallet ‘Chivo’

But when bitcoinik.com’s experts did analysis about the progress of El Salvador’s opportunities from the point view of attraction of new companies because of Bitcoin as legal currency, then we found that there are many companies which are trying to approach El Salvador’s authorities and many already entered in El Salvador with their new business model & startups.

According to our report, Kuvacash Bitcoin wallet, which will be specially designed for El Salvador’s citizens. El Salvador is 6th office for their Kuvacash wallet. But Kuvacash is not developed by El Salvador based company. The company behind Kuvacash is from Zimbabwe. In this initial phase, Kuvacash entered in Salvador with $10 million Investment. While Chiva is official Bitcoin wallet, which is ready but still Kuvacash entered in Salvador to establish their business.

Second biggest attraction of the company in Salvador is ChainBytes, ChainBytes provides Bitcoin ATM services which are based in the United States.  

Bitcoin ATMs are a big need for El Salvador’s citizens, so that they can use Bitcoin as a currency. But still here we can see how an outsider company is moving with their services in El Salvador to make lots of money by providing their services.

Third biggest move may be done by the Central American Bank. In an interview at CNN with Dante Mossi from the Central American Bank for Economic Integration. Mossi indicated, Central Bank of America will work with El Salvador’s experiment on Cryptocurrency. 

Probably Nayib Bukele never thought about such things that are possible in the present time. We can see people can use existing Bitcoin wallets which are far better for bitcoin transactions but still they welcomed a new company to start their crypto wallet business.

Further we can see bitcoin ATM facility, which is also not a big need because there are many services available in present time that can directly convert bitcoin into fiat and vice versa. But still El Salvador’s government is working for Bitcoin ATMs to grow new startups and industries that will surely result in employment for thousands of people and economic growth of Country.

It should also be taken into consideration, Bitcoin law in El Salvador will come into effect from 7 September. While September is far away from now, there are still many big level Investment and startups are entering in Salvador.

Read also: Israel Investment Fund Group Revealed Billion Dollar Investment In Bitcoin