P2P Bitcoin Lenders Find Market Momentum in Brazil

     Bitcoin lending firm Bitbond is finding market traction in Portugal and Brazil as the company looks to expand its user base in 2016.

     Berlin-based Bitbond has raised €800,000 in two public funding rounds and is competing with startups such as BitLendingClub and BTCJam in the peer-to-peer (P2P) bitcoin lending market.

     Bitbond, which cites the large number of small businesses and the difficulty of using bitcoin as an investment vehicle in the country, estimates that between 600 and 23,000 users already live in Brazil and Portugal.

     The company has hired a new team member to help translate Bitbond’s website into Portuguese and assist in overcoming language and cultural barriers.

     “This appointment demonstrates the huge potential these countries hold and Bitbond’s desire to bring your products to key markets,” Chris Grundy, online marketing manager at Bitbond, told CoinDesk.

     The news comes as Brazilian lawmakers continue to meet to discuss regulation and local universities have already begun experimenting with the emerging technology.