German Internet Bank proposes to replace Swift with Bitcoin transactions

Bitbond, an online Bank founded in Germany in 2013, proposes to replace international payments on loans that are held through the Swift interbank payment system with bitcoin transactions.

The Bank makes payments using bitcoin at the international level, operating with the amounts of about $ 1 million on loans per month.

“Thanks to the innovations in the field of payments and credit rating Bitbond makes financial inclusion a reality throughout the world. All Bitbond payment transactions are conducted through bitcoin blockchain. Therefore, our services are available all over the world via the Internet and do not depend on banks”, according to the Internet Bank.

Radoslaw Albrecht, founder of Bitbond, commented on His company’s initiative: “Traditional money transfers are relatively expensive due to currency exchange fees and can take up to a few days… with Bitbond payments working no matter where the customers are. Over the Internet it’s very, very fast, and fees are low.”

The disadvantage, according to Albrecht, is the volatility of bitcoin, Bitbond tries to avoid this problem by transferring tokens to clients within seconds or minutes, CCN writes.

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