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German businessman Radoslav Albrecht has founded an online bank that will use Bitcoin to facilitate international money transfers. Albrecht says that Bitbond’s use of cryptocurrency will allow it to transfer money quicker and at a lower cost than standard banks. “Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” he told Reuters.

“With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.” Clients who use Bitbond only hold onto the cryptocurrencies for a few minutes before they are exchanged for local currency.

This ensures that clients won’t have to deal with the rather volatile cryptocurrency market. Bitbond was founded in 2013 and has grown into an officially licensed bank with a large number of investors.

Currently, Bitbond’s Berlin office employs 24 people from a dozen countries managing loans for about 100 clients. In total, the loans amount to about $1 million each month. Read more from…

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