Germany has always been a big innovator in terms of technology and the trend of German innovation is sure to continue as a German bank is soon to begin using big point to handle international loans. which is honestly something that's really very exciting so forget to more of this information go ahead leave a like if you like this content follow join for more sure this pretty with your buddies if you think they deserve it doing all those things really helps me out and it helps the community grow. so if your content like this feel free but anyway folks let's go ahead and get right into it.
so German businessman a rattle Slav Albrecht has founded an online bank that we use big point to facilitate international money transfers all brick says the big bond. which is the name of the online bank bit bonds use of crypto currency will allow to transfer money quicker and at a lower cost than standard banks and Albrecht is excerpt as declaration unwritten coinage pass are relatively expensive due to circulation swap hay and can take up to a few days with copious association payments employment independently of our customers are by internet is very very quick and the fees are very low which is obviously conducive to money transfers and is really a pretty effective system.
Now clients who used the bond only hold on the critical issues for a few minutes before their exchange for local currency this ensures the clients won't have to deal with the rather fall tile crypto currency market. which is once again a pretty smart use of the system. Bond was founded in twenty thirteen and has grown into an officially licensed bank with a large number of investors behind it currently in the bonds Berlin office employees twenty four people from a dozen countries managing loans for about one hundred clients in total limits amount to about one million dollars each month.
Which for a relatively small company is still pretty impressive and this isn't exactly a huge corporation this is a smaller group of people doing something that's honestly really innovative and could it change the money lending and money transfer space Albrecht says that the majority of his customers are small business owners or freelance workers. who need a quick and affordable way to handle international loans loans are fairly small by the standards of most banks and tend to be around fifty thousand dollars at the higher end of the scale so once again it's not exactly huge transactions but it does seem to facilitate the process of the international transfer funds fairly. well now what the court has been used as collateral for loans in the past this is the first time that has been used to facilitate international. what's themselves and it makes sense that Germany would be one of the first countries to attempt it as the adoption of the bitcoin has proceeded rapidly within Germany in terms of the coin usage it is second only to the United States.
So it's a huge space for a bit quiet and this is another reason why I think that this adoption and use of this technology for money transfers with in a German bank. Even though by droves of the small is honestly a big deal. I honestly think that a lot of financial groups will be learning from this technology and may even be copying it in the near future.
Which could of course pushed the coins price higher with more legitimacy at a higher rate of adoption by even common people and if this is useful to small business owners. I'm honestly all for it so well big pointed other group the currencies are just now beginning to hit the mainstream they still pose many risks not found in traditional currencies the largest is the simple fact that the first currencies tend to sharply fluctuate in value and this can make it risky as a long term investment. However since bitte bond clients only what the crypto currencies for such a short amount of time the risk is pretty much mitigated.
Which honestly makes the technology even more viable so it's extremely useful it's great for small business owners it makes processing international transactions almost instant and all of those things. someone really good benefits to me so as always I would hear all you have to say about this new German development. I think it's also very exciting and it could make a big splash in the financial world in terms of the distribution of international funds and how international transactions are handled once again a very exciting stuff essentially five boil it down to a very simple explanation this company.
Allows people to transfer money facilitated using crypto currencies where they essentially hold onto cryptocurrency for very short period of time and then the crypto currencies exchanged over to another client at which point it is reprocessed and put it back into the client's account. so really pretty simple very interesting stuff I'm really interested to see how this develops in the future like I said before let me know what all of you have to say about this interesting thing at this moment and like.
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