Whereas as lot of cryptocurrency companies are trying to exploit the financial mess in Greece, some companies are trying to provide assistance in the form of various financial products. On such company is an Indian startup Trestor Foundation that claims to offer 2,000 euro each in form of a virtual currency in lieu of promissory notes signed by the Greeks.
Claiming to be a non-profit organization, Trestor Foundation says that it is the only global organization that can help people in Greece to get the money despite the capital control on bank withdrawal imposed by the government there. Though the latest development is that the EU has agreed to finance the debt ridden Greek economy, the clouds are still not over.
Trestor Foundation says that those wanting to get the funds 2,000 euro worth of Trest (a Bitcoin like crypto- currency) can visit its retail partners in Greece and sign a ‘Promissory Note’, which would be used after the capital controls are removed. Though most of cryptocurrencies have cropped up in Greece recently, Trestor could be the one that the country needs.
Nonetheless, Bitcoin is still the most popular of the digital currencies being used in Greece. Though there are no proper regulations for such currencies, it cannot be ruled out that the government later may come with any law to regulate the digital currencies. Evidently, Greeks are now using Bitcoin for various purposes; this may also be a reason in the hike of BTC rates.
Win-Win Situation for All Says Trestor Foundation
Elaborating the service that is being offered for Greek citizens, Trestor founder Kunal Dixit said that his company is giving out Trests worth 2000 euro only to credit-worthy investors after proper identity and credit check. He also cleared that all Investors have to sign a promissory note to pay 2000 euro.
Nonetheless, Trestor also clarified that the offer is for the Greek citizens who want to purchase Trests but do not have access to their Euros because of capital controls. The technology non-profit foundation has IITians who are known for their knowledge and skills, in the team and promises to offer best in industry experience for users.
Trestor Foundation claims that it is a win-win situation for all as everyone benefits from such a transaction i.e. the company gets to give out ‘Trests’ to the people who need it the most and the investor gets to hedge their fiat risk arising out of current political situation.
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