German online bank uses Bitcoins to transfer loans

German Radoslav Albrecht has founded 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.

Adoption of Bitcoin has been rapid in Germany. It trails only the U.S., according to Bitnodes, which tracks the location of all the Bitcoin nodes that transmit data about new transactions.

Source: reuters.com