NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

German Bank Uses Bitcoin’s Blockchain for International Loans

Ricardo Esteves
Ricardo Esteves
4 years ago
2 mins read
Crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the largest network in the world enabling financial institutions to exchange formation about financial transactions. Cryptocurrencies are now taking over the business.

Bitbond Allows Small Businesses

German online bank Bitbond has announced it uses the Bitcoin’s blockchain to facilitate international transfer of fiat loans. Loans are transferred to the borrower using Bitcoin only to be converted back to fiat currency once the international movement is processed. This allows customers to avoid fluctuating exchange rates of fiat currencies.

Launched in 2013 and licensed as a financial institution in 2016, Bitbond helps small and medium-sized enterprises (SMEs) around the globe borrowing up to €50,000. According to the bank’s website, it has already lent over $10 million to 2,500 companies over the years, including lending and borrowing of loans in Bitcoin.

Employing 24 people from 12 countries, Bitbond manages loans for 100 clients amounting to around $1 million each month. The company’s motto is “see no bank, hear no bank, speak no bank” and Bitbond no longer sees any reason to use the legacy system, Radoslav Albrecht, Founder and CEO of Bitbond, told Reuters TV.

“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days. With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.”

The Ripple Transaction Protocol was developed as a blockchain-based alternative to SWIFT, but many other cryptocurrencies may take its place over the long run. To transfer loans in fiat, Bitbond relies on Bitcoin, which is also costly at the moment. The Bitcoin Lightning Network could change that, however.

The same technology that will make international transfers cheaper and faster has the potential to evade capital controls, which is of use for countries sanctioned by the international community, such as North Korea and Venezuela. Iran is again being pressured by sanctions from the United States of America.

Bitcoin was used as a collateral for loans at Bitbond right from the start, but it wasn’t their original method of transferring credit in currency internationally. By using bitcoin blockchain, the German bank is able to bypass the SWIFT network, cut costs and reduce the waiting period.

The legacy system, which uses SWIFT, comes with several fees for each transaction made, including fees levied by the correspondent and recipient banks, as well as exchange rates charged by the banks.

 

Image from Shutterstock
Tweet123Share196ShareSend
Ricardo Esteves
Ricardo Esteves

Ricardo Esteves

Comments 1

  1. John Emery says:
    7 years ago

    I honestly see a huge need for a stablecoin like Havven for remittance and just every transactions.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Comments 1

  1. John Emery says:
    7 years ago

    I honestly see a huge need for a stablecoin like Havven for remittance and just every transactions.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Hyper $HYPER presale meme coin

Bitcoin Hyper je dosegel mejnik 2 milijona dolarjev

Ker je od prvih vlagateljev Bitcoin Hyper zbral že več kot 2 milijona dolarjev, hitro postaja resen kandidat za naslednji...

tanjapotocnik 6 hours ago
Elon Musk

Elon Musk Drops Epstein ‘Peanut’ Bomb — PNUT Coin Explodes 10%

A sudden social media jab sent Solana’s Peanut the Squirrel token soaring this week. In a Tuesday post, billionaire Elon...

Christian Encila 7 hours ago
bitunix platforma s tradingview

Bitunix zavádí nástroje TradingView do své mobilní aplikace, co vše nabídne?

Burza Bitunix, která se rychle vyprofilovala jako inovátor v oblasti krypto derivátů, podnikla další strategický krok směrem k modernizaci uživatelského...

Lenka Hanzlíková 7 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Dogecoin price news

Dogecoin To $3.94 This Cycle? This Chart Says It’s No Meme

Jake Simmons 1 hour ago
Sei

Sei Network Unlocks Japan Market After Hitting $626M In TVL

Christian Encila 2 hours ago
Dogecoin

Is Dogecoin Prepping For Takeoff? Fib Reaction And Trend Support Say Yes

Godspower Owie 5 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨プレセール|次世代ビットコイン拡張プロジェクトが200万ドル目前、投資家が続々と参加中

    ...

    7 hours ago
  • 仮想通貨おすすめ|ビットコインが過去最高値に迫る中、ETFが70万トークンを保有

    ...

    8 hours ago
  • 新しい仮想通貨が160万ドルを調達──過剰な宣伝を避ける注目のミーム系ボット登場

    ...

    8 hours ago
  • 仮想通貨おすすめ|ビットコインが10万8,000ドル突破、2025年7月に注目の17銘柄

    ...

    8 hours ago
  • MEXC Launchpad Debuts PUMP Token with Exclusive 40%...

    8 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.