On Friday, the Cuban regime announced in the Official Gazette of the Republic of Cuba that the Lithuanian company, EBIORO UAB, has been granted a license to operate as a virtual asset service provider. This move sets the stage for integrating cryptocurrencies into the Cuban economy. According to the resolution, EBIORO UAB, based in Vilnius, Lithuania, and established on January 28, 2022, applied for a license to operate within Cuba.
Although the regime described EBIORO UAB as a "Lithuanian company," it was founded by a Cuban national. Yulexi Matienzo Carcasés is listed as the director on the Okredo platform, and the company has a capital of 148,630 euros. Matienzo Carcasés, reportedly a graduate of CUJAE and Delft University of Technology in the Netherlands, announced the launch of his business in 2019. He stated that the project was conceived in 2016 due to his "frustration" with the international banking system when sending money to Cuba.
"Ebioro is a blockchain-based platform designed to lower transaction costs to Cuba. Our primary goal is to offer the Cuban diaspora a global and unified platform for ALL types of payments to Cuba," Matienzo Carcasés promoted at the time. He claimed it was the first mobile application allowing Cubans abroad to purchase cryptocurrencies directly with a credit card in over 35 countries, including the United States, and send a cryptocurrency transfer to anyone in Cuba with the app installed within approximately three seconds.
In 2019, Matienzo Carcasés acknowledged that the use of cryptocurrencies for direct payments to Cuba still needed to "mature," a process EBIORO was committed to undertaking. In the project's initial phase, users could buy cryptocurrencies directly from their wallets and even top up Cubacel with their balance.
The Cuban founder continued to promote his app on social media, but it remains unclear when he began negotiations with the Cuban regime to secure the Central Bank's license for his platform to operate in Cuba. It is also unknown whether he has any other connections with Cuban government officials.
Matienzo Carcasés is also linked to a Dutch company, Sasa Holding BV, located at Zuider Stationsweg 13 in Bloemendaal. Public records show that the company, established in 2018, operates in the financial holdings sector.
The Cryptocurrency Business Landscape
Since 2022, the Central Bank of Cuba (BCC) has announced its decision to grant licenses to Cuban or foreign cryptocurrency service providers on the island. Based on this resolution, EBIORO UAB is now authorized to conduct currency exchange and payment operations, including collecting, paying, developing, and managing digital platforms for these purposes. The company is also permitted to exchange assets, and manage or safeguard virtual assets. Additionally, it can manage digital wallets and accounts on service platforms.
Amid the ongoing crisis and following sanctions that revoked Orbit S.A.'s operating licenses for receiving remittances from the United States, the regime is exploring alternative methods to manage international transfers and attract dollars. However, as economist Pedro Monreal argues, these strategies do not address a fundamental component of the structural crisis: "a failed model of international specialization."
Understanding EBIORO UAB's Role in Cuba's Crypto Scene
Who is the founder of EBIORO UAB?
EBIORO UAB was founded by Cuban national Yulexi Matienzo Carcasés.
What is the primary goal of Ebioro's platform?
The platform aims to provide a global and unified payment solution for the Cuban diaspora, lowering transaction costs to Cuba through blockchain technology.
When was EBIORO UAB established?
EBIORO UAB was established on January 28, 2022, in Vilnius, Lithuania.