New victory – Netki, founded in 2014 and based in Los Angeles, provides digital identity verification solutions that enable its customers to comply with KYC regulatory requirements, as well as anti-money laundering legal provisions. ‘silver. The company has entered into a partnership with El Salvador to integrate its flagship product, the OnboardID, into Chivo, the wallet bitcoin (BTC) supported by the country’s government.
Chivo explodes statistics thanks to Netki’s OnboardID
El Salvador gave bitcoin legal tender in September 2021. Salvadoran President Nayib Bukele had indicated that he wanted to offer digital banking services to more than 70% of the unbanked population. In October 2021, he explained that “3 million users already use” Chivo. The country has just taken another important step in the adoption of its BTC wallet.
On January 18, 2022, Netki announced in a press release the integration of a total of 4 million users in Chivothanks to OnboardID.
It will be recalled that the population of El Salvador is estimated at 6.5M people. The company estimates that its digital identity verification product “has enabled 70% of the country’s previously unbanked population to access the Chivo Wallet in full compliance for the first time. »
According to the press release, OnboardID enables less than 15 seconds to “validate passports and national ID cards” and perform other KYC-related operations, and return all such information to Chivo. This high processing speed allows OnboardID meet scaling requirements.
This product from Netki would also take into account the diversity and would be able to identify “any face, no matter where it is”.
“It reads over 5,000 global ID documents, recognizes various native alphabets, offers multilingual support and is absolutely not limited by different skin colors. »
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Overview of bitcoin adoption in El Salvador
El Salvador’s decision to give bitcoin legal tender was fiercely criticized by international institutions including the World Bank and the International Monetary Fund (IMF). The threats did not, however, prevent the government from continue to work towards the adoption of bitcoinnotably through the deployment of bitcoin ATMs in the country, but also by sending ATMs beyond its borders for the Salvadoran diaspora.
El Salvador also took advantage of the lows to buy bitcoins and thus gradually increase the national stock of BTC at lower prices. He has further embarked on a bitcoin mining project powered by geothermal energy from volcanoes and is currently working on issuing bitcoin-based government bonds.
This growing adoption of bitcoin in the country has not been without incident, however. Some users have recently complained that they lost their bitcoins stored in their Chivo wallet.
Salvadoran President Nayib Bukele started this year 2022 with bullish outlook for bitcoin. The four million Chivo users mentioned by Netki will certainly contribute to the realization of these predictions.
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