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P2P bitcoin lending service BTCjam shuts down

BTCjam, a P2P marketplace started in 2012 to borrow and lend using bitcoin announced the company has made “the difficult decision” to close up.

The notice stated that the regulatory challenges around bitcoin and the difficulties faced in introducing bitcoin technology to poor communities around the world were beyond its capacity.

No new loans can be made from today onward, and users will have until July 1, 2018, to withdraw any bitcoin stored with the company.

All borrowers with active loans can keep repaying them normally. The repayment functionality will remain available until all the loans have reached their term and either been fully repaid or have defaulted. After that, the website will be reduced to a simpler version that will only allow the withdrawal of a remaining BTC balances.

The BTCjam team said:

“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. 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.”

Closure FAQ

Q: Will I still be able to withdraw my bitcoin?

A: Yes, you can withdraw your bitcoin until July 1, 2018. BTCjam is not intended to be used as a wallet, so please don’t leave your withdrawal to the last minute!

Q: I’m currently repaying my loan. Can I keep paying it off?

A: Yes, all website functionality will remain available until all the loans are fully repaid or have defaulted.

Q: Who can I contact if I have questions about how this closure affects my BTCjam account?

A: Please email: [email protected]


Source: CryptoNinjas.net

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