A man uses the Bitcoin ATM in Hong Kong, Friday, May 11, 2018. Bitcoin is the world's most popular virtual currency. Such currencies are not tied to a bank or government and allow users to spend money anonymously. (AP Photo/Kin Cheung)
INTERNATIONAL - German Radoslav Albrecht has founded an online bank that allows clients to transfer loans anywhere in the world using Bitcoin. 

Bitbond uses cryptocurrencies like Bitcoin to bypass the Swift international transfer system to lend money across the globe rapidly and at low cost. 

“Traditional money transfers are relatively costly due to currency exchange fees, and can take up to a few days,” Albrecht said. 

“With Bitbond, payments work independently of where customers are. Via the internet it is very, very quick and the fees are low.” 

Clients hold the loans in digital tokens like Bitcoin only for seconds or minutes until they are exchanged back into the currency of the country where they wish to receive the funds. 

- REUTERS