Berlin-based online bank to use Bitcoins to issue loans worldwide

The Berlin-based peer-to-peer (P2P) lending platform Bitbond will soon allow its customers to receive loans in bitcoins and other cryptocurrencies around the world. This will help the company bypass the SWIFT system of international bank transfers and provide money to borrowers almost instantly.  It will also save consumers money as commission fees will be much lower than those charged through the traditional system. Loans are expected to be exchanged into the national currency of the host country within minutes or seconds following the transfer in order to avoid fluctuations in the course of the cryptocurrency.

The majority of borrowers are expected to be small business owners or freelance workers.