Bitbond Now Licenced by German Financial Regulator
Small business and ecommerce loans specialist Bitbond is now regulated by German financial regulator BaFin.
Bitbond is the first Bitcoin-based financial services provider to be licensed by BaFin.
Radoslav Albrecht, founder and CEO of Bitbond, said, "Our own licence helps us to fulfill our mission which is to make financing and investing globally accessible. This provides us with a significant efficiency advantage. Other Fintech startups normally rent a licence and by that are bound regionally. We are proud to be one of the first regulated financial services providers in the entire blockchain space."
Bitbond has users from over 120 countries and has originated over 1,400 loans to date. Most of the platform's borrowers are online sellers who sell on sites like eBay or Amazon. Bitbond conducts credit checks based on the revenue data of the merchants.
Germany is one of the few countries where there is a clear regulatory framework for blockchain (e.g. Bitcoin) based services.