The economy of Greece has been struggling for the past few years. Recently things turned worse after the country’s banking system came close to the verge of collapse, forcing the government to impose transaction limits. With these limitations in place, people have started exploring for alternative options to withdraw, send and receive money.
One such option is now being provided by Cubits, a bitcoin wallet and trading platform has collaborated with BTCGreece, a Greek bitcoin exchange to enable Greek businesses to make international transactions. With the government’s capital controls in place, individuals can’t withdraw over 60 EUR per day and restrictions are placed on overseas money transfers, while businesses have to seek permission to transfer funds to their suppliers.
The new partnership between Cubits and BTCGreece focuses on solving the payments problem for small and medium-sized businesses. Both the companies together are working on bringing financial transactions back on track by leveraging upon bitcoin. Cubits and BTCGreece have initiated this project to reclaim financial freedom for small and big businesses by supporting bitcoin voucher payments, bitcoin POS terminals, and bitcoin powered ATMs.
BTCGreece has been operating alongside other bitcoin exchanges in Greece for a while, but now it is the only operational bitcoin exchange in the count. Cubits on the other hand has entered the Greek market recently and it is providing professional solutions to solve the problem at hand. People can buy bitcoin and use it for outbound transactions. Cubits has a better experience managing bitcoin transactions and the expertise will come in handy to streamline the whole process.
Spartan Route is another company that is working along the same lines as BTCGreece and Cubits. Even though bitcoin can’t address the whole issue, it would definitely help these small and medium-sized businesses to sustain for a bit longer than under normal circumstances.