Did the Chivo Wallet failed because of the Algorand Blockchain? Koibanx agreement with El Salvador: What we know so far.

 

 

I've been researching about Koibanx, and as of this moment I'm writing an article about its role in the implementation of the Chivo Wallet. I wanted to get Koibanx's side of the story so I submitted several questions to be addressed during the AMA a couple of weeks ago, but unfortunately my questions didn't get the required up-votes. So, this is my last effort to get a response from Koibanx, and I posted some questions in the Algorand subreddit, however three months later no response. 

What did I find?

1. A Yahoo News article posted this:

However, Algorand came out on top with the team rumored to have been racing to show they could be the first to bring the colon dollar to fruition

Was Koibanx going to develop a Salvadoran stable coin? Why was Koibanx talking with Nayib Bukele's brothers? None of Nayib Bukele's brothers are holding government positions, and it is against the law for a regular citizen to talk on behalf of the Salvadoran government. I still don't understand why Koibanx meet allegedly with them. There are some unverified videos posted by El Faro magazine, in which it seems like Yusef and Ibrajim Bukele were involved in meeting with companies involved with the implementation of the Bitcoin Law.

Source: https://finance.yahoo.com/news/el-salvador-develop-blockchain-infrastructure-084104876.html

2. How much is El Salvador paying Koibanx for the agreement signed on September 2021? Salvadorans deserve to know the amount we are paying Koibanx, for transparency sake.

Source: https://www.algorand.com/resources/ecosystem-announcements/el-salvador-signs-agreement-with-koibanx-to-develop-its-blockchain-infrastructure-on-algorand/

 3. Koibanx had a funding round in Mexico, around September 2020. One of the investors revealed to have participated in this round has been Innogen Capital Ventures. There are some tough questions that Koibanx should answer:

• How much Innogen Capital Ventures invested in Koibanx?
• Innogen Capital Ventures managing partners are/were involved with AGRISAL, a Salvadoran conglomerate that allegedly has ties with the Bukele Administration. Were you aware that there could be some conflict of interest by offering your blockchain services to the Chivo Wallet project?

Sources:

https://contxto.com/en/argentina/koibanx-seed-round/

https://www.innogencapital.com/

4. Regarding the costs of development/deployment:

During the AMA, a founding member of Koibanx mentioned that an NDA was signed with the Salvadoran government, prohibiting Koibanx from disclosing the implementation details. Is it an indefinite NDA or does it have an expiration date? Why the Chivo Wallet is still failing specially with Bitcoin transactions? There are over 1,000 complaints against the Chivo Wallet, either for identity theft or missing transactions and no news from Koibanx developers.

 There are so many questions without answers, and it looks like we won't know until 2028 unless Koibanx comes forward with information.