‘Money transfer providers may lose $400m to bitcoin wallet’
El Salvador’s latest Bitcoin app, the Chivo Wallet, could ensure that money service providers such as Western Union and MoneyGram lose around $400m in remittance commission. According to a report by CNBC, these remittance service providers could start losing customers and money. CNBC’s MacKenzie Sigalos said the loss in remittance commission could be close to $400m a year. She said, “If you want to send $10 from Canada to El Salvador via Western Union’s app = $3.24 fee; Muun [to] Chivo wallet = $0.10; Chivo [to] Chivo = free. Present Bukkele’s new bitcoin wallet could cost co’s