A German online bank has been founded that lets customers transfer loans using bitcoin, bypassing the Swift international transfer system, Reuters reported.
Bitbond GmbH, which allows for transfers anywhere in the world using cryptocurrencies, was officially licensed as a bank in 2016 and has since gained steam, managing loans of approximately $1 million per month currently, the newswire reported.
Clients hold the digital tokens for only a short time before they are exchanged into the currency of the country where the funds are being transferred to. Founder Radoslav Albrecht noted that traditional transfers could be costly and slower.
Bitbond's customers are mostly small business owners or freelancers, Reuters said.
