For the first time in history, Bitcoins were transferred from the United States to Cuba via a public transaction. Just this month, an American was able to legally and successfully send Bitcoin to Cuba through the use of the secure Airbitz wallet platform.
The transaction occurred when BitcoinCuba founder, Fernando Villar, went to visit family and friends on the Caribbean island and had the spontaneous idea to send Bitcoins from the U.S. to Cuba through the new public Wi-Fi networks.
“The technology itself is really making transactions cheaper, it’s making transactions faster and more accessible so that you can send and receive anywhere on the globe without the need for banks or a lot of the bureaucracy or the red tape that is typically required,” commented Ni’coel Stark, Block26 Managing Principal.
From 1962 until a few days ago, citizens of the United States were prevented by law from transferring assets to Cuba. Washington D.C. and Cuba have opened up relations in recent months after the formal restoration of diplomacy by President Barack Obama earlier this month.
“It gives people more freedom: to create businesses, to communicate with their family, to interact with each other,” added Stark about the landmark transfer.
Airbitz, recently capitalized with a $450,000 investment from blockchain venture fund Block26. The partnership will expand Airbitz solutions in revolutionizing transaction, authentication and security processes. The Airbitz wallet won the top honor at the start-up competition this year in New York City at the Inside Bitcoins Conference.