Bitbond Raises $1.2 Million to Grow its Lending Platform
Peer-to-peer lending platform Bitbond has closed a funding round of $1.2 million, bringing the company's total raised capital to $2.3 million.
Bitbond will use the additional funds for product development and growing its user base in markets which are underserved by traditional lenders
Founder & CEO of Bitbond Radoslav Albrecht said: "The additional resources will help us to continue realizing our mission which is to make lending and borrowing globally accessible. We are happy to have such experienced investors supporting us on this exciting journey."
Over 1,600 loans worth $1.2 million have been originated on Bitbond since its launch. 76,000 users from 120 countries are registered with the service. In October 2016 Bitbond received their own regulatory licence from German financial services regulator BaFin. This makes the service the only regulated blockchain-based financial services provider in the world.
Bitbond, based in Berlin, connects investors looking for above average fixed-income investment opportunities, with small business owners who need a loan. To make global cross-border lending possible, the platform uses bitcoin for payment processing.