Airbitz Completes First Bitcoin Transaction Between the U.S. and Cuba

As diplomatic relations between the United States and Cuba ease, the first Bitcoin transaction between the two countries was finally completed this month. Located in the largest island in the Caribbean, the Republic of Cuba has been under the economic blockade of the United States for more than 50 years. The ice between the two countries has only recently shown signs of melting, but there has been no substantial improvement so far, and the United States may once again impose economic restrictions on Cuba.

Although the overall situation is relatively optimistic, it is still a few months before the United States finally lifts its economic restrictions on Cuba. Currently, the two countries have reconnected their embassies, and Cuban immigrants to the United States can return home to visit relatives and friends. During this period, the first legal Bitcoin transfer transaction between the United States and Cuba was even completed.

The idea of ​​exchanging Bitcoin between the two countries was proposed by Fernando Villar, the founder of BitcoinCuba, who came up with the idea during his visit to Cuba. According to news from the virtual currency news website, Fernando said that he thought the idea of ​​transferring Bitcoin from the United States to Cuba through the public network was cool. Therefore, he completed the transaction with Chris Groshong, the CEO of CoinStructive, who transferred the money from San Diego using the Airbitz wallet, and Fernando received the Bitcoin with the help of the wireless public network Nauta during his visit to Cuba. This event can be recorded in the history of Bitcoin transactions as the first legal transaction between the United States and Cuba.

This is also a big deal for Airbitz, a relatively new bitcoin wallet company that won a hackathon at last year’s Bitcoin Expo in Canada and recently raised $450,000 in a new blockchain venture funding round from Block26.