Startup
Posted: 5 months ago

Georgian Startup BITNET Receives Lithuanian License to Trade Digital Currencies in EU

Georgian startup Bitnet was founded a year and a half ago. During this time the company was able to attract several million dollars of investment from foreign investors and expand the team.

Since raising capital is important at all stages of startup development, recently, the Bitnet team decided to participate in the GITA co-financing competition.

"We believe that the GITA co-financing competition is the best way to develop startups and get motivated," said Tinatin Kvintradze - CEO of Bitnet. 

It is true that members of the Bitnet team have a wide range of professional experience, but they note that the relationship with the coaches invited by GITA from Silicon Valley has significantly developed their knowledge and vision.

"We had realistic expectations that we would win, however, it is noteworthy that working with American coaches made a significant contribution to achieving the result,'' notes Revaz Lashkarava, CTO of Bitnet. 

The platform gives customers the opportunity to replace cash and virtual money with a high-tech payment mechanism to retain ownership of the asset - easily, quickly and securely.

As a result, Bitnet helps customers solve significant problems and simplifies daily life. In order to provide the best customer service, the company has partnered with several large US and British crypto platform service provider companies. The grant received from the startup GITA will be used to strengthen cooperation with partners.

Bitnet's innovative platform is ready and going through the final stages before meeting the customer. At the same time, they are actively working on the version of the mobile application and both of them will start functioning in September. In addition, Bitcoin will provide businesses with crypto terminals that will allow them to sell their services or products in digital currency. It is important that through automatic conversion, businesses receive direct national currency on their personal accounts, with which Bitnet's company CityPay.io will cooperate.

It is noteworthy that next month Bitnet will receive a Lithuanian license - to trade in digital currencies in EU countries, which will pave the way for it in the international arena.

In the future, Bitnet plans to go beyond the borders of Georgia and offer its own platform and services to users worldwide. One of the first countries from the international market will be Kazakhstan.

Source: BM.ge