Linguard Labs Takes Over Chivo Wallet, Offers Microloan Services

Linguard Labs has acquired a majority stake in El Salvador's Chivo wallet and announced the relaunch of the wallet through a public-private partnership. The new Chivo will provide microloans and cash advances based on users' income, payment, and spending records within the wallet. Merchants can also apply for cash advances for business expansion, with services aimed at unbanked and underbanked populations. The new plan includes fee-free remittances from the U.S. to El Salvador and a cashback debit card that users can spend at merchants that do not yet accept cryptocurrency payments. Chivo currently has over 4.5 million registered users.

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