Potsdam-based Obotritia Capital has committed to fund loans worth €5m ($5.5m) on peer-to-peer lending platform Bitbond, which uses the bitcoin blockchain for payment processing. The company is also working with a number of banks and financial institutions in Germany as well as other European countries such as France, Spain and Italy. Bitbond, which has originated €1.4m in loans since its launch in 2013, said the funds would be used for product development and marketing, while CEO Radoslav Albrecht said the company's next step was to move further into SME financing.
Potsdam-based Obotritia Capital has committed to fund loans worth €5m ($5.5m) on peer-to-peer lending platform Bitbond, which uses the bitcoin blockchain for payment processing. The agreement also involves Obotritia acquiring a stake in the loan platform for an undisclosed sum. Bitbond, which has originated €1.4m in loans since its launch in 2013, said the funds would be used for product development and marketing, while CEO Radoslav Albrecht said the company's next step was to move further into SME financing.