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Bitcoin-based marketplace lending platform scores $1.2m fundraise




By Ryan Weeks on 22nd February 2017

Source: https://goo.gl/oZ9iwV

German SME lending platform with bitcoin at its core looks to grow into new markets.

 

Bitbond, the small business loans marketplace built on bitcoin, has scooped $1.2m in equity funding from a number of angel investors. The backers included Fyber founders Janis Zech and Andreas Bodczek, in addition to Kreditech co-founder Alexander Graubner-Müller.

 

The cash will be used to continue growing a user-base which has already swollen to 76,000 people, from 120 countries, and for further product development. A particular emphasis will be placed on acquiring new users in markets that are underserved by the banks.

 

Bitbond is one of the few – perhaps the only – marketplace lender to have been built on bitcoin blockchain technology. Indeed, the firm claims to be the first regulated blockchain-based financial services provider in Germany, after clinching a regulatory licence from the German financial services supervisor BaFin in October 2016.

 

The platform works a lot like a bog-standard small business loans marketplace, with applicants vetted for suitability based on credit checks and revenue data. The typical borrowers are online vendors which operate on e-commerce marketplaces such as Amazon or eBay. Both individual and institutional investors may lend via the platform. The key difference of course is that the platform uses the bitcoin blockchain for payment processing, which it identifies as the key to making cross-border lending possible.

 

A cumulative total of $1.2m has been lent through the Bitbond platform since launch, spread across 1,600 loans.

 

“The additional resources will help us to continue realizing our mission which is to make lending and borrowing globally accessible,” said Bitbond founder & CEO Radoslav Albrecht. “We are happy to have such experienced investors supporting us on this exciting journey.”

Comments

john

26 Feb 2017 05:24am

I have used this site and was unable to login due to some browser auth request. I created another account to try the site again and then still had the same issue. I finally ended up logging in through my phone and tried to deposit a small amount of bitcoin. But then i experienced loggin issues again. contacted support who said I was in violation of terms with 2 account and could not help me. then I asked for both of my accounts to be deleted and my coin to be refunded. Still months later Bridget (fake name) has not refunded my deposit. This site is horrible. Dont invest a dime unless you dont plan on getting it back.

Magdeline

23 Feb 2017 12:26pm

How does it work

Randy

22 Feb 2017 10:50pm

I hope I can borrow also for my business plan...


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