Greek Bureaucracy Poses Hurdles for Blockchain Startup Founder
Atenas, Greece – – Shresth Agrawal, CEO of Pod Network, a blockchain startup that recently secured $10 million in funding, has publicly detailed the significant bureaucratic challenges he faced while attempting to obtain a visa to establish the company’s base of operations in Greece. Despite backing from prominent Silicon Valley venture capital firms, the process proved to be protracted and frustrating, highlighting potential obstacles for international tech talent seeking to contribute to Greece’s growing blockchain ecosystem.
Pod Network, a Layer 1 blockchain designed for high-speed transactions – achieving speeds of approximately 200 milliseconds, comparable to a Google search – spun out of the blockchain consulting firm Common Prefix. The company’s recent seed round was led by a16z Crypto Startup Accelerator and 1kx, with participation from Flashbots, Blockchain Builders Fund, and Protagonist. The platform aims to deliver high-performance global markets free from MEV (Miner Extractable Value).
Agrawal, 24, described the visa application process as “almost impossible” in a post on X (formerly Twitter). He cited a number of issues, including poorly documented procedures, circular dependencies – requiring a visa to open a bank account, and a bank account to obtain a visa – and the need for extensive translations and notarizations adhering to specific, often unclear, requirements. He also pointed to a lack of clear pathways for establishing subsidiaries or self-sponsorship.
“Many Greek professionals simply cannot process that a 24-year-old can be an independent founder,” Agrawal stated, suggesting ageism played a role in the difficulties he encountered. The entire process took over six months and necessitated the assistance of multiple “experts” to navigate.
The experience underscores the challenges faced by entrepreneurs in the blockchain and cryptocurrency space when attempting to operate within European regulatory frameworks. While Greece is actively seeking to position itself as a technology hub, its immigration system appears to be lagging behind, potentially hindering its ability to attract international investment and talent.
The difficulties Agrawal faced aren’t isolated. A recent report highlighted the struggles of Greek expats attempting to navigate bureaucratic hurdles when relocating to or dealing with matters in Greece. Christos Kaltekis, a Greek-Australian IT professional, reported waiting until for a passport appointment, despite a strong desire to invest in his ancestral homeland. Theodora Petsa experienced significant delays in registering her grandfather’s death certificate and transferring property ownership, encountering unresponsive consulate officials and repeated requests for appointments.
These anecdotes suggest a systemic issue within Greek bureaucracy, impacting not only tech entrepreneurs but also members of the diaspora seeking to reconnect with their roots. The delays and complexities can discourage investment and create significant hardship for individuals attempting to integrate into the Greek system.
While Greece has shown increasing interest in adopting blockchain technology – with the country’s digital landscape rapidly transforming according to recent reports – the current bureaucratic obstacles may impede its progress. Blockchain technology itself offers potential solutions to streamline administrative processes and enhance transparency, as suggested by various analyses of its potential applications in Europe. The technology could potentially eliminate intermediaries, reduce costs, and improve efficiency in areas like remittances and digital identity verification.
Agrawal’s call for serious reform of the Greek immigration system echoes broader concerns about the need for European nations to adapt their regulations to attract and retain innovative talent. Without addressing these systemic issues, Greece risks losing out on opportunities to become a leading blockchain hub and may continue to struggle with attracting foreign investment.
“If Greece wants to attract founders and global talent, this system needs serious reform,” Agrawal concluded.
