On September 7, Bitcoin (BTC) was adopted as legal tender in El Salvador. This adoption was an opportunity for crypto companies to offer services to Salvadoran citizens. In this context, Chivo created an official wallet, based on the Lightning Network. As soon as the Lei Bitcoin, residents of El Salvador were encouraged to download the Chivo wallet, by the President of El Salvador himself. However, it seems that he is no longer the only one who wants to take care of the bitcoins (BTC) of Salvadoran citizens.
Bitcoin Beach wallet, the next competitor of Chivo wallet?
The Bitcoin Beach wallet was created by the start-up Galoy. It’s a wallet open source which remains compatible with the Lightning Network. The start-up recently completed a funding round of a amount of $ 3 million. This funding will notably enable it toaccelerate the deployment of its wallet in parts of the world that suffer from hyperinflation, or who do not benefit from sufficient financial inclusion. For the time being, according to the information given by the Galoy site, the Bitcoin Beach wallet would be used by more than 6,000 users.
This wallet presents itself as a very direct competitor of Chivo. Unlike the latter, the Bitcoin Beach is available in code open source. We must also note two portfolio projects that used this code to launch wallets regional : Bitcoin Jungle in Costa Rica, and Bitcoin Lake in Guatemala.
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Bitcoin Beach wallet, a crypto wallet story unlike any other
In 2020, the Bitcoin Beach was started by Galoy as Proof of concept in a coastal town in El Salvador well known to surfers: El Zonte.
This city has for decades been sidelined by the country, and suffers from a blatant lack of financial inclusion. Based on this observation, the initiators of Bitcoin Beach wallet have wanted to create a sustainable circular economy based on Bitcoin to help the 3,000 inhabitants of this city. The aim was to enable the exchange of goods and services between traders and citizens outside the traditional economic system.
Galoy’s Marketing Director, Andrew Begin said he wanted to continue his momentum:
“Galoy is not on a mission to be a bank, we want to provide the infrastructure for others to repeat what we have seen happen in El Zonte, El Salvador. We will therefore evolve operations, team development, in order to really bring the platform to a wider audience, and to the right places in the world. “
The fact that the wallet code is in open source is in a way a guarantee of additional security. Indeed, anyone can audit the code and point out potential security vulnerabilities. If this had been the case for the Chivo wallet, then maybe some users of this wallet would not have potentially lost their bitcoins.
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