The first decentralized Bitcoin exchange launches in Cuba

by in Blockchain News

Cuba

In early April, Italian-Cuban entrepreneur Mario Mazzola developed and expanded a decentralized p2p bitcoin exchange in Cuba.

Cryptocurrencies are currently not banned in Cuba. Most global companies shy away from this country due to US sanctions. Mazzola told the media that the Qbita crypto exchange and bitcoins are a real necessity for Cuba.

Mazzola also said that Cuba needed tools to safely buy, sell, use, and store bitcoins to catch up with other countries. “Qbita can solve all these problems,” he said.

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Despite the lack of cryptocurrency rules in Cuba, Mazzola launched the Qbita bitcoin wallet in November 2019. Crypto wallet can work anywhere in the world. At the same time, it takes up little disk space (about 1 MB) and works with low bandwidth, which is most suitable for Cubans.

Qbita also has built-in support for p2p bitcoin exchange, which will allow Cubans to safely and decentrally trade coins from their wallets.

Platforms like Paxful and LocalBitcoins are useless for Cubans. Paxful block this country; and LocalBitcoins, although asking for KYC, is not available in Cuba.

Mazzola also explained that Qbita works with a multi-subscription address, which is controlled by the buyer, seller, and platform.

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He also said that Qbita spread due to word of mouth, and money was not used for advertising at all.

At the same time, Mazzola has big plans for the construction of the wallet: he intends to build payment gateways for companies that would like to start accepting cryptocurrencies.