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Linguard Labs announced that it has acquired a majority stake in Chivo, a Bitcoin wallet launched by the government of El Salvador, while the government still retains part of its shareholder status.
Linguard plans to relaunch the Chivo service, providing free U.S. money transfer to El Salvador for ordinary users, as well as micro-loan and payment services denominated in Bitcoin, U.S. dollars and stablecoins.
According to Lingard, Chivo has more than 4.5 million registered accounts, and existing user accounts and balances will remain unchanged.
Lingard Labs acquires majority stake in Chivo and plans to transform it into a comprehensive financial application
Lingard Labs announced on Thursday that it has acquired a majority stake in Chivo, the Bitcoin (BTC) wallet launched by the Salvadoran government in 2021, and plans to re-create it as a broader financial application. The deal puts the core asset of El Salvador's Bitcoin strategy-the wallet-in the hands of private capital, but the government will still participate as a shareholder and partner. Lingard said the deal meets El Salvador's International Monetary Fund (IMF) project requirements.
Linguard said in its announcement that Chivo has more than 4.5 million registered accounts and existing users will continue to retain their accounts and balances. The company did not disclose specific transaction prices.
Drew Weinstein, founder and CEO of Lingard Labs, said: "We are deeply honored that the government of El Salvador has chosen Lingard Labs as a partner to reshape Chivo."
Chivo Restart Plan: Free Remittances and Micro Loans
The new version of Chivo will focus on remittance and credit. Lingard pointed out that given that overseas Salvadorans will remit nearly US$10 billion in funds domestically in 2025, ordinary users will be exempt from handling fees when sending money from the United States to El Salvador.
In addition, the wallet will also provide micro-loan and cash advance services based on users 'income, transfer and payment records within Chivo. Users can make payments using Bitcoin, US dollars or stablecoins at participating merchants, enjoy cash back benefits, and spend the balance through debit cards.
Since its launch in 2021, the usage of Chivo wallet has been uneven
This restart is carried out against the backdrop of large fluctuations in Chivo's usage since its debut in 2021. In just a few weeks after its launch in 2021, more than 2.2 million users downloaded Chivo Wallet.
However, a 2022 report showed that only 40% of users continued to use the wallet after receiving a registration bonus. El Salvador President Nayib Bukele said in 2024 that Bitcoin's popularity was slower than expected.
