Latvian entrepreneurs claim world’s first cryptocurrency “embassy”

A couple of Latvian entrepreneurs have opened what they call the first Cryptocash Embassy — the first at least in Latvia, as far as I know. The “embassy” on a main street in the center of the capital, Riga is actually a marketing device for their B2B cryptocurrency business, the founders admitted.

They are Konstantīns Vasiļenko and Inokentijs Isers, both from Riga, who have been trading cryptocurrencies for three years through a fintech company they started called PayBis.com. The Cryptocash Embassy is open for retail sales of cryptocurrencies to ordinary consumers. “This is one of the first customer service centers in the world, where popular cryptocurrencies can be bought with a payment card or for cash,” Isers said. The “embassy” also provides information and consultations on investing in such cryptocurrencies as bitcoin, Ethereum and Litecoin and it sells “accessories” such as electronic bitcoin wallets.

Both Vasiļenko and Isers expressed confidence in the long-term viability of cryptocurrencies and their increasing adoption for day-to-day and business transactions despite the recent volatility of bitcoin and skepticism expressed by some major figures in the “mainstream” banking and financial industries.