A London-based crypto-startup, SpectroCoin provides bitcoin-to-cash services in Europe as well as in Asia, but it is in the Eastern Europe where the startup has accomplished a real success. Among the latest bitcoin-accepting businesses in the region are Lukoil gas stations in Estonia, Latvia and Lithuania as well as a Lithuanian taxi service Vilnius veža, two sports arenas, numerous restaurants and four e-commerce websites.
“By having more merchants accepting bitcoin without asking them to take bitcoin price, security or other risks, we make bitcoin payments much easier. SpectroCoin’s key goal is to use bitcoin to separate three fundamental properties of money: method of account, store of value and means of payment,” — comments SpectroCoin’s co-founder and CEO Vytautas Karalevicius.
SpectroCoin owes its success in the Baltic countries to the general openness of its population to innovative payment systems: Estonia alone accounts for 10 thousand bitcoin users, a local cryptocurrency association claims. But that’s not the only reason why the London-based mobile wallet has become so popular.
SpectroCoin has recently announced a complete integration of its iOS, Android and Windows Phone wallets with WoraPay, a universal European payment system. Users top up their WoraPay accounts with bitcoin sent from their SpectroCoin wallets, and then pay with euros using their phone app. SpectroCoin has also become the first bitcoin company to offer its clients the support for euro payments over the cryptocurrency network. This way users no longer need to store bitcoins — instead the necessary amount is exchanged from euros on demand.