Cuba crypto exchange goes live, beats financial sanctions

A Cuba crypto exchange has defied all odds to go live despite the local financial sanctions. The P2P digital currency trading ecosystem Qbita has hit the market. The exchange is uniquely positioned to meet the local crypto user needs.

Developed by Mario Mazzola who also created the Qbita crypto wallet says plans are underway to integrate business solutions to the ecosystem. This will work out well since the exchange has an inbuilt lightweight wallet that takes less space on the user devices.

Cuba crypto exchange launch amid restrictions

The small island of Cuba is faced with a myriad of financial restrictions and this has not kept them away from embracing Bitcoin. The citizenry is keen on adopting crypto to enrich their lives. The entry of the first decentralized Cuba crypto exchange is a game-changer in the local economy.

Lack of a sound regulation system does not make cryptocurrencies illegal in the country. However, the U.S. crypto laws and low internet penetration have seen many crypto exchange service providers neglect the unexploited potential in the country.

Qbita entry into the market will unleash this potential. What’s more, the exchange has an inbuilt BTC wallet, a peer-to-peer marketplace, and a payment protocol. No need for third-party providers thus giving users the best experience.

Custom-made Cuba crypto exchange

The local e-commerce is unique and requires a custom-made solution. The entry of tailor-made Cuba crypto exchange is a relief for the crypto lovers. With a custom-made Bitcoin wallet, crypto adoption on the Island is set to skyrocket.

Mazzola says:

I created Qbita Exchange because I have always been convinced that here, in Cuba, Bitcoin is a real necessity. Cuba needs to be on the global map and needs a tool to store and trade Bitcoin securely and safely. Qbita solves all these problems.

When the entrepreneur first launched Qbita wallet late last year, it was meant to be a global platform including Cuba. However, the locals have their own challenges including data. The wallet requires minimal space in the users’ hard-drive and minimal bandwidth to set up.

Cubans now can trade BTC between their wallets. They have total control of their funds and freedom to trade conveniently without any restrictions. Despite the existence of platforms like LocalBitcoins and Paxful, Qbita is designed for Cubans. The developer goes on to conclude:

Of course, there are other platforms in the market like Paxful and Localbitcoins, both are models for us, but each of them has a little problem. Paxful is actively blocking Cuba; LocalBitcoins is asking you for KYC, and because of the embargo, this legal requirement is not helping the people of the island, so it is not available in our Country.

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