Every now and then, a popular Bitcoin service will relaunch under a different name. In some cases, this is due to outside influences, such as a change in managerial positions or a new investor. But in the case of BitLendingClub, they simply want to remove the “Bit” part of the company name and continue under the brand name “Loanbase”.
BitLendingClub – A Success Story for Two Years Straight
Over the past two years, BitLendingClub has achieved many successes in the market of extending Bitcoin loans to customers. It goes without saying this is a very delicate market, as Bitcoin transactions can not be reserved if someone doesn’t pay their loan back. To reduce the risks of these events taking place, BitLendingClub introduced a strict verification procedure for all users.
To be more precise, getting verified for BitLendingClub is on par with the verification procedure when applying for a bank loan. Users need to submit a copy of their ID or driver’s license, verify their proof of address, complete SMS verification, provide a valid email address and hand over a proof of income.
The last part of the procedure is of particular interest, as