Bitbond is a p2p online lending service that facilitates the lending of fiat and crypto currencies.
The company’s trading name is Bitbond GmBH, a German registered company.
One of the main selling points of Bitbond are its high returns for those who lend their bitcoin to others. Bitbond offers interest rates that are between 10% and 30% depending on the amount invested.
How does Bitbond work?
Bitbond is based on the bitcoin blockchain for loans and payments to third parties. For credit scoring, the platform uses machine learning to create a risk profile of its users.
People can join either as a customer or investor to the platform. A specific “AutoInvest” tool was created to streamline the process of moving and investing funds into the platform.
How do people use Bitbond?
People can borrow up to USD $25,000 once they are verified on the platform. The amount can be paid back over six months to three years in duration at an interest rate that starts at 1% monthly.
For investors, they can expect a return of “at least 13%” according to the platform’s whitepaper on the topic.
Is Bitbond Safe?
As BitBond is a peer-to-peer lending platform extra vigilance must be taken. Lending platforms such as these can have a negative stigma attached because of the prevalence of scams and Ponzi schemes in crypto.
For these reasons, Bitbond has apparently gone the extra mile by making its operations transparent for anyone to see. The end goal of the platform is to create a healthy ecosystem of reliable borrowers and investors.
The team have also put some controls in place to ensure its borrower’s capacity. For example, background checks are done on prospective customers including an employment history.
Those who default on their loans are also reported to the credit reference bureaus and relevant debt collection companies.
STO Token Supply: 100,000,000
Soft cap: USD 44,860,100
Hard cap: USD 112,150,000
Type: Security token
Registration company: Germany
Token Distribution: 100% public sale