Bitcoin services provider Cubits.gr and Greek exchange BTCGreece have teamed up to help Greek citizens move cash out of the country to suppliers and business partners. Founded by Julian Mautner, Tim Rehder, and Andreas Lehrbaum, the companies hope to work around capital controls in the country to get businesses running again in the country.
Essentially the team is building a cross-border payments service for the Greek market. They are focusing on small and mid-size businesses. The team is supporting voucher payments backed by bitcoin as well as access to point of sale terminals and ATMs. Essentially they are rebuilding financial transactions using bitcoin as the backing medium.
“Cubits is in this for the long run, this is their priority and main focus,” said Rehder.
The company currently has 15,000 wallets and 500,000 monthly transactions.
“With Greece’s myriad of financial problems at a record high, economic relationships are strained by the current credit controls as businesses grapple to seek permission in order to pay suppliers, and individuals are limited to withdrawals of EUR 60 per day,” said Rehder. “As the only operational bitcoin exchange in Greece, BtcGreece allows Greeks to purchase bitcoin and remit defined payments abroad. Cubits’ arrival in the Greek market will provide the professional solution to the problems at hand.”
Greece’s problems probably won’t be completely solved by a bit of bitcoin but it’s been an interesting ride. Spartanroute is attempting these same moves and individuals in Greece are working toward similar solutions. It will be interesting to see who thrives – and who survives.