# Linguard Labs Takes Majority Control of El Salvador’s Chivo Wallet

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/29098
Published: 2026-10-09T15:15:30.000Z
Updated: 2026-10-09T15:15:30.000Z
Section: Business

> The planned relaunch will add remittances, lending, debit cards and digital-asset payments while the government keeps a minority stake.

Linguard Labs has acquired a majority stake and operational control of El Salvador’s Chivo wallet, moving the government-backed platform toward remittances, lending and everyday digital payments.

The public-private partnership was announced Oct. 8, with the government retaining a minority stake. Linguard plans to relaunch Chivo with free U.S.-to-El Salvador remittances for users in its Regular category, along with credit products, debit cards and payments using Bitcoin (BTC), dollars, stablecoins and other supported digital assets.

Chivo has more than 4.5 million registered accounts. Existing users are expected to keep their accounts and balances.

The planned lending products include microloans and cash advances based on users’ activity on the platform, including what they earn, send and spend. Merchants may also receive financing, including cash advances.

Users will be able to pay participating merchants with supported digital assets and may receive cash back. The planned debit cards are intended for use wherever cards are accepted.

Linguard Labs’ leadership includes former executives from Visa, JPMorgan Chase and Citi. Drew Weinstein, the company’s founder and CEO, described lower remittance costs and expanded access to credit as central goals for the platform.

“We are honored that the government of El Salvador chose Linguard Labs as its partner to reimagine Chivo,” Weinstein said. “We did not take this on for small wins. Cheaper remittance fees are not a win. Free is.”

The transfer follows conditions tied to El Salvador’s 40-month program with the International Monetary Fund (IMF). The program provides access equivalent to 1.03392 billion special drawing rights, or about $1.4 billion, and includes an immediate disbursement of 101.96 million special drawing rights, about $138 million, after the IMF’s second and third reviews.

Chivo launched in 2021 as part of El Salvador’s government-backed Bitcoin adoption program. The relaunch plan retains support for Bitcoin and other digital assets while broadening the wallet’s focus to financial services. Development is taking place in San Salvador, with the platform subject to the country’s rules on data protection, governance and financial stability.