BitBond is a global P2P loan marketplace, which is an alternative source of financing for SME who struggle to raise funds through traditional means

Country: Germanybitbonda

Year: 2013

Concept

  • BitBond is a peer-to-peer (P2P) lending platform based on the blockchain technology that links lenders and borrowers around the world
  • Lenders can diversify their portfolios and earn above average returns on their investments (compared to traditional fixed income assets), letting borrowers finance their small or medium-sized enterprise (SME)
  • Lenders can earn up to 13% interest through the platform and borrowers’ rates start at 7.7%, with the option of borrowing up to $10,000 through the platform
  • Loan terms run between 6 weeks to 5 years and all borrowers are credit checked by BitBond – loans are made on a global scale
  • So far, over 55,000 users have lent or borrowed money through the platform – only the bitcoin cryptocurrency is used for payment processing

Consumer Benefits

  • Global: users can lend or borrow money without needing to be in the same country which allows affordable rates and good returns, perhaps higher than the user’s own country
  • Easy conversion: to local currencies without paying large rates at the nearest currency exchange bureau
  • No fees: from application to portfolio management

How To Use

  • Interested borrowers or lenders sign up through BitBond’s website. A confirmation email is sent to verify the user’s email address
  • Next, the user is guided through a 100% online process where they enter their personal details, employment, credentials and are then identity checked using an online video tool
  • Documents can be uploaded through the platform for verification
  • The user receives an SMS with a code which they enter on the BitBond site to access their loan

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