German Online Bank Favors Bitcoin for International Money Lending

Bitbond, an online bank founded in Germany in 2013 by German Radoslav Albrecht, has found an innovative use case for bitcoin’s borderless nature: international loan payments. It was the first to use bitcoin to transfer credit in currency internationally, not only as loan collateral, and it’s currently processing about $1 million in loan payments per month.

While many outsiders (and even hodlers) see bitcoin as only a highly speculative asset, Bitbond has found a business model that competes with traditional systems. Using bitcoin came as a smart move for Albrecht as an alternative to the Swift payment system, which is slower and more expensive.

Reference: https://www.ccn.com/german-online-bank-dismisses-swift-favors-bitcoin-for-international-money-lending/

Leave a Reply

Your email address will not be published. Required fields are marked *