Bitcoin Lender BTCjam to Shut Down

Announcements, Blockchain, FinTech, Investing, News, Regulation | May 29, 2017 By:

Bitcoin peer-to-peer lending marketplace BTCJam is shutting down its platform.

The company said it was beyond its capacity to deal with the regulatory challenges around bitcoin and the difficulties faced in introducing bitcoin technology to poor communities around the world.

BTCJam said it has stopped extending new loans, starting from May 25. Those who have outstanding loans will have to continue repaying them. The repayment functionality will remain active until the loan is either repaid or defaulted. The clients who have bitcoin stored with BTCJam have until July 1, 2018 to withdraw it.

“We extend sincere thanks to all our lenders, borrowers, collaborators, investors, and everyone who believed in our dream of working together to provide access to fair credit without borders,” said BTCJam. “It’s a mission we still believe in.”

“In the past four years, we have serviced more than 20,600 loans in 122 countries, totaling more than 64,000 bitcoins loaned. We have helped thousands of people around the world and are proud that we changed lives for the better.”

BTCJam, founded in 2013, has serviced over 20,600 loans in 122 countries, totaling more than 64,000 bitcoin loaned. It has raised $9.2 million in 3 Rounds from 10 Investors, with the most recent Series A funding round held in October, 2015, in which it raised $1.9 million from Foundation Capital.