By Staff Writer
Bitbond, the first German-regulated global lending platform that uses a mix of blockchain and artificial intelligence, is launching a security token offering to fund small business loans in Asia, according to a statement.
The marketplace lender has raised €2mn so far and is opening the STO out to an international audience with a goal to raise €3.5mn.
Radoslav Albrecht, the chief executive of Bitbond said he wants to see the STO help small businesses “create more jobs, and supercharge their own growth.”
Bitbond provides working capital loans to small businesses and online retailers and has already facilitated over $15mn in business loan volume.
The blockchain-based platform is currently supporting over 150,000 users in 80 countries. It uses a distributed ledger to facilitate cross-border payments and machine-based learning for efficient credit-scoring.
Bitbond primarily focuses on SMEs using eCommerce platforms, like eBay, Amazon and Etsy. These platforms have APIs which the Bitbond can connect with to learn about the health of the businesses.
Its clients include cosmetics businesses in Kuwait to software firms in the Philippines.
The security token of Bitbond (BB1) works as a bond with Bitbond buying the token back after 10 years. It is the first German STO with a regulator-approved prospectus.
The STO will run until the 8th of July, and is open to investors around the world, except residents of the USA and Canada.