P2P bitcoin lending platform BitBond has secured another €600,000 ($684,000). The investment is the second after an earlier round of €200,000 ($268,000) last August.
Bitbond lenders earn interest (quoted rate is 13% per annum) on their bitcoins, loaned to regular borrowers or to fund bitcoin projects. Borrowers needed to supply financial information in order to determine their creditworthiness. If rejected, they can also post a load request.
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The service is effectively a p2p lending platform, not a bank or a lender on its own. Lenders can therefore earn more interest than they would through traditional means, and borrowers gain access to capital which they may have otherwise not enjoyed. Since launch roughly two years ago, BitBond has reportedly facilitated almost 600 loans in over 120 countries.
Loan terms range from six weeks to five years. Users who want to avoid bitcoin’s volatility can opt for USD-denominated loans.
Founder and CEO Radoslav Albrecht said the funding will go towards furthering BitBond’s mission to “to make lending and borrowing globally accessible.” The investment was made by Point Nine Capital and other angel investors.