Cubits partners with BTCGreece

Cubits, a bitcoin services provider founded in 2014, and Greek exchange BTCGreece have joined hands in order to help Greek citizens transfer cash out of the country to suppliers and business partners. They hope to work around capital controls in the crisis-ridden country to get businesses running again.

To facilitate this, the team is developing a cross-border payments system for the Greek market, with focus on small and medium-size businesses. They are supporting voucher payments backed by bitcoin along with access to point of sale terminals and ATMs, that is to say, enabling financial transactions with bitcoin as the backing medium.

"Cubits is in this for the long run, this is their priority and main focus," said Tim Rehder, CEO of Cubits.

Cubits currently allows users to buy and sell Bitcoin instantly with 17 supported currencies and 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," Rehder told TechCrunch. "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."