Linguard Labs, a financial technology infrastructure company based in California, has secured a controlling stake in El Salvador’s Chivo wallet and said it will relaunch the product through a public-private partnership. The company was founded by former Visa head of mobile innovation Drew Weinstein, while former JPMorgan global chief architect John Davies serves as chief technology officer. According to the announcement, the Salvadoran government transferred the majority stake under guidance from the International Monetary Fund. The revamped Chivo will offer microloans and cash advances based on users’ income, payments, and spending records inside the wallet. Merchants will also be able to apply for cash advances to expand their businesses. Linguard Labs said the services are aimed at unbanked and underserved users. The new plan also includes fee-free remittances from the United States to El Salvador, as well as a cashback-enabled debit card that can be used at merchants that do not yet accept cryptocurrency. Chivo currently has more than 4.5 million registered users.
According to ChainCatcher, California-based financial technology infrastructure company Linguard Labs has obtained a controlling stake in El Salvador’s Chivo wallet and said it will relaunch the wallet through a public-private partnership.
Linguard Labs was founded by former Visa head of mobile innovation Drew Weinstein. Its chief technology officer is John Davies, the former global chief architect at JPMorgan. The Salvadoran government transferred the majority stake under guidance from the International Monetary Fund, or IMF.
Relaunched Chivo to add lending, remittance and card features
The new Chivo will provide microloans and cash advances based on users’ income, payment and spending records within the wallet. Merchants will also be able to apply for cash advances for business expansion. The services are designed for unbanked and underserved users.
The plan also includes fee-free remittances from the United States to El Salvador, along with a cashback-enabled debit card. Users will be able to spend through the card at merchants that do not yet accept crypto payments.
Chivo currently has more than 4.5 million registered users.
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