Crypto News: Bye Bye Swift, Some Banks Prefer BTC for International Transfers!
There is change brewing amongst the industry of fintech. We are seeing slow and steady movements towards digital currency and if your finger isn't on the pulse you could easily miss what is being set up as the largest economic technological shift since the internet allowed banking computers to connect through a network.
So what I saw today didn't surprise me in the slightest. According to recent news a German online bank called Bitbond, founded by German Radoslav Albrecht, has opted to use bitcoin as opposed to SWIFT to make an international loan payment.
They are a trailblazer in the banking industry as they are credited with being the first bank to use bitcoin to transfer credit in currency internationally. Beyond that the way they've been using it is surprising. It has not only been used as loan collateral but also as a means to process about $1 million in loan payments per month.
“By innovating in the fields of payments and credit scoring, Bitbond makes financial inclusion a reality around the world. All payment transactions on Bitbond are conducted via the bitcoin blockchain. Therefore our service is available worldwide via the internet and is independent of banks.” This statement can be found on their website.
Many have argued that using bitcoin is as a smart move compared to using the alternative Swift payment system, which is slower and more expensive.
“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht told Reuters TV. “With Bitbond, payments work independently of where customers are. Via internet it is very, very quick and the fees are low.”
This is a move I expect other banks to adopt very soon! Have you been following recent news regarding major banks moving in on cryptoasset trading and trying to establish an infrastructure before the big money pours in? Please provide any examples you can think of in the comments below!
Thanks for reading!
Source:
German Online Bank Dismisses Swift, Favors Bitcoin for International Money Lending
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CCN
great news again
Wow, this is great to hear. We know that banks are innovating and using blockchain/crypto tech behind closed doors, but hearing someone doing it publicly like this is so bullish for the industry.
Always an honor to receive commentary from the mighty @forexbrokr! I agree and its getting pretty crazy out there! A friend sent me a pic today of Times Square running a NASDAQ advertisement promoting blockchain (i.e. bitcoin) on their mega LED board. I feel a storm a'brewin!
😂😂.
So banks are seeing the writing on the wall and now the major exchanges are too.
Talking crypto down didn’t work, and you know how the old saying goes... If you can’t beat ‘em, join ‘em!
USA has used the financial sanction card too many times. About time the rest of the world starts standing up to the bullshit.
Really?! Btc?! That’s surprising
FUR DEUTSCHLAND!!!!
@therealwolf 's created platform smartsteem scammed my post this morning (mothersday) that was supposed to be for an Abused Childrens Charity. Dude literally stole from abused children that don't have mothers ... on mothersday.
https://steemit.com/steemit/@prometheusrisen/beware-of-smartsteem-scam
Really!wow that's amazing.
Today is the best time to buy bitcoin...
If this is happening thenthe fees for international money transfer would be reduced much? Then it will disrupt many banks and their closed ecosystem!
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