First Bitcoin Exchange in Cuba Builds on Pre-existing BTC Wallet

Mazzola, an Italian-Cuban entrepreneur, has developed Cuba's first decentralized Bitcoin cryptocurrency exchange QBita, despite the illegal stature of crypto in the country. Developed earlier this month, the crypto exchange was introduced out of necessity as Mazzola puts it,

“I created Qbita Exchange because I have always been convinced that here, in Cuba, Bitcoin is a real necessity,” said Mazzola.

Cryptocurrency firms keep away from the island nation due to regulatory ambiguity and Unites States imposed sanctions.

Mazzola added that Cuba has a long way to catch up to other parts of the world where bitcoin exchanges are a staple. He views QBita as as the necessary tool for selling, buying, and storing bitcoin in Cuba.

This is not the first time Mazzola has taken action into his own hands despite Cuba's conservative views on digital coins. Last November, Mazzola launched the Qbita bitcoin wallet, which is not restricted to a Cuban audience, thus can be utilized anywhere on the globe, however its producer pushes for a local popularization.

Qbita wallet supports a peer-to-peer BTC trading terminal, facilitating transfers. Essentially, users can trade the digital coin from their wallets in a decentralized and secure environment. Mazzola explained that the Qbita wallet works by creating a buyer, seller, and platform controlled multi-signature address, basically acting as a mediator between buyer and seller,

“If the trade goes well, both the buyer and the seller sign the transaction, which is executed instantly. If something goes wrong, the parties send their evidence to Qbita which signs in favor of the rightful owner, immediately executing the transfer”,

The growth of the wallet has come to popularity strictly due to word of mouth, seeing as what he has done is technically illegal. The cryptocurrency exchange QBita is expected to take the same route.

Mazzola seems on top of his game, as he is currently planning and, consequently, building a payment gateway for accepting bitcoin. However, this is a battle for another day.