German bank replaces SWIFT with Bitcoin for international loan transfers

May 14, 2018 Neer Varshney


Bitbond, a German online bank, is utilizing Bitcoin to allow international transfer of loans. The service allows small scale businesses that sell their products online to borrow up to € 50,000. If the statistics on the Bitbond website are to be believed, the bank has already lent more than $10 million to 2,500 businesses. Bitbond was launched in 2013, and was licensed as a financial institute in Germany in 2016. The company has so far allowed lending and borrowing of loans in Bitcoin. The company is now using Bitcoin to facilitate international transfer of fiat loans as well, Reuters reports.…

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