Chivo Wallet Identification Verification Partner Netki Successfully Onboards 4 million users in 45 days to Facilitate El Salvador’s Official Bitcoin Adoption

January 01, 2023

Through the use of Netki’s flagship KYC/AML product, OnboardID, the Salvadoran government was able to onboard over four million users within 45 days onto its Chivo Wallet, while safeguarding the wallet from attempted airdrop fraud. Netki estimates that OnboardID facilitated the first-time compliant onboarding of 70 percent of the country’s previously unbanked population onto the Chivo Wallet. The choice to adopt Bitcoin as a legal tender was designed to spur economic growth and save Salvadoran citizens millions of dollars in remittance fees by reducing cross-border payment fees for previously unbanked citizens. Story continuesTo truly bank the unbanked, KYC/AML solutions require greater diversity in a multitude of areas. It is also critical to both handle massive scale, as well as protect every citizen's identity and security," said Justin Newton, CEO at Netki.

The source of this news is from Netki