German Online Bank Uses Bitcoins To Transfer Loans
BERLIN (Reuters) - Bitbond is an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost. Clients hold the loans in digital tokens like Bitcoin only for seconds or minutes until they are exchanged back into the currency of the country where they wish to receive the funds, avoiding the crypto currencies fluctuating exchange rates. Bitcoin has been used as collateral for loans, but never as a way of transferring credit in currency internationally.