Cuba Ventures


Blockchain to revolutionize 4 Billion dollars of Cuba’s annual GDP

Over the past decade, Cuba’s second largest single industry, after tourism, is remittances, with government economist Pavel Vidal pegging the influx of cash at 2.6 billion USD annually. Meanwhile, industry insiders such as Emilio Morales, ex vice president of Cuba’s largest company CIMEX, estimate the figure to be closer to 3.4 billion dollars annually. Additionally, Cuba’s private sector entrepreneurs, who now run over +9000 B&Bs, +4000 private restaurants, classic car rentals and, numerous other tourism focused enterprises, are the third and largely silent faction receiving an estimated 750 million dollars annually. In Cuba, private citizens and, more importantly, private sector entrepreneurs, have no access to credit cards or the feasibility to charge credit cards, either locally or to enact distance payments from internationally domiciled future visitors. For entrepreneurs and remittance recipients, Cuba remains essentially a cash economy, with the high commissions, risks and impediments cash presents to its budding private economy. The mobile App Revolupay will empower entrepreneurs and disrupt the remittance industry.