German Online Bank Dismisses Swift, Favors Bitcoin for International Money Lending

german bank give money for international bitcoin lending program

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.

“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told Reuters TV in his office in Berlin’s fashionable neighborhood Prenzlauer Berg. “With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.”

Since 2013, Bitbond has grown in popularity. The company has been mentioned in Forbes and Lend Academy. The news has been stayed positive, with VC funding Currently, Bitbond employs 24 people from 12 countries. The lean team takes care of the bank’s 100 clients, which bring in $1 million each month.

Germany is a global forerunner in Bitcoin adoption. While other countries remain skeptical and enact anti-crypto regulation, such as India, Germany, along with the United States, is open to crypto-related businesses. Germany is second to the United States, according to Bitnodes, a service that tracks the transfer information broadcast by Bitcoin nodes.