El Salvador Sells Chivo Stake, Vows Free US Remittances
EL SALVADOR · FINANCE
Key Facts
- —The country Dollarised Central American nation, best known for its 2021 Bitcoin experiment.
- —What happened Linguard Labs took a majority stake in the state’s Chivo wallet.
- —When Announced in San Salvador on Thursday, 8 October.
- —The US angle Remittances from the US become free for “Regular” users.
- —The numbers More than 4.5 million registered accounts; almost US$10 billion in 2025 remittances.
- —Still open Price, stake size and launch date were not disclosed.
The wallet built for Nayib Bukele’s Bitcoin law now has a private majority owner that promises zero-fee transfers from the United States.
El Salvador’s government and Linguard Labs, a payments company, said on Thursday, 8 October, that Linguard now controls the Chivo wallet. The state remains a shareholder and partner, the joint announcement said.
The new owner plans to make remittances from the US to El Salvador free for users in Chivo’s “Regular” category. That matters to Salvadorans living in the United States who send money to relatives at home.
Neither side disclosed the price or the size of the stake. El Salvador uses the US dollar, so all amounts here are in US$.
What the Chivo Wallet Deal Says
The company says Chivo has more than 4.5 million registered accounts. Existing users keep their accounts and balances, but the statement does not say how many accounts are active.
The statement describes the transaction as consistent with El Salvador’s programme with the International Monetary Fund (IMF). The Fund lends to El Salvador under that programme and monitors its public exposure to Chivo.
Drew Weinstein, Linguard’s founder and chief executive, previously held senior roles at Visa, including head of mobile innovation, according to the company. “We are honored that the government of El Salvador chose Linguard Labs as its partner to reimagine Chivo,” he said.
Free Remittances, Loans and Debit Cards
The headline promise is free transfers from the US, a flow of almost US$10 billion in 2025, according to the statement. Cheaper remittance fees are “not a win,” Weinstein said in the statement; only free transfers are.
The statement does not explain how users qualify for the “Regular” category. It also gives no limits per transfer and no start date.
Linguard also plans microloans and cash advances based on a user’s activity inside the app, rather than a bank credit record. Merchants could borrow against their sales through merchant cash advances.
Users could pay at participating shops in Bitcoin, dollars, stablecoins or other supported digital assets, with cash back on some purchases. Debit cards would let them spend their balance wherever cards are accepted.
No interest rates, loan sizes or cashback percentages have been published. El Diario de Hoy, a San Salvador daily, also carried the announcement.
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
How Chivo Got Here
The Bukele government launched Chivo in 2021, when Bitcoin became legal tender alongside the dollar. The wallet was the state’s main tool for getting Salvadorans to use Bitcoin.
Thursday’s announcement formalised a handover that began months earlier. An IMF report of 1 October dates the transfer of majority ownership and control to 20 May, Diario El Mundo reported.
According to that report, the buyer was Chivo LP, a Colorado-based company controlled by The Fintex Group and Linguard Labs. The state’s Strategic Bitcoin Reserve keeps custody of client assets and a minority stake, the IMF found.
What It Means for You
If you send money from the US to family in El Salvador, a zero-fee option may appear on your phone. Eligibility rules and a launch date are still missing, so compare costs before switching.
For US-listed money transfer companies, a free state-backed app on this corridor would add price pressure. How much depends on how many senders qualify and switch.
For investors in Salvadoran dollar bonds, operational control has passed to a private owner. The IMF report still flags custody and liquidity exposure for the public sector.
What Is Not Known
The price Linguard paid, its exact stake and the government’s remaining share have not been disclosed. The announcement does not name the Salvadoran official or agency that signed the deal.
It is unclear how many of the 4.5 million accounts are active, or how many users will count as “Regular.” The IMF report could not be checked directly before publication; its details here come from Diario El Mundo.
What Comes Next
Linguard has to set a relaunch date and publish the conditions for free transfers and loans. Chivo will keep operating under Salvadoran data protection and financial stability rules, under official supervision, the statement says.
The IMF will keep reviewing public exposure to Chivo in its programme reviews. The announcement does not mean the relaunched services are available yet.
Frequently Asked Questions
What is the Chivo wallet?
Chivo is the digital wallet El Salvador’s government launched in 2021 for Bitcoin and dollar payments. It reports more than 4.5 million registered accounts.
Who now controls Chivo?
Linguard Labs, a payments company led by Drew Weinstein, a former Visa executive, holds a majority stake. The government remains a minority shareholder and partner.
Will sending money from the US to El Salvador be free?
Linguard says transfers from the US will be free for users in the “Regular” category. It has not published the eligibility rules or a start date.
Do current Chivo users lose their money?
No. The statement says existing users keep their accounts and balances during the relaunch.
Sources: Linguard Labs, joint announcement with the Government of El Salvador (English); Linguard Labs, announcement (Spanish); Linguard Labs, leadership: Drew Weinstein; El Diario de Hoy; Diario El Mundo (all accessed 9 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief