Cryptocurrency enthusiasts will be familiar with the BitLendingClub name, a platform that offers loans in the form of Bitcoin. For investors, this is an opportunity to earn a profit by loaning funds, whereas others can raise the capital they need for their ventures. But the platform is forced to shut down due to regulatory pressure, which is not good news.
Curtain Call Looms For BitLendingClub Users
The BitLendingClub platform has been around for quite some time and served many customers throughout the years. Lending services in the cryptocurrency ecosystem are hard to come by, as very few companies offer a reliable service. Rather strange, as there seems to be a dire need for Bitcoin lending services right now.
Unfortunately for BitLendingClub and its users, it looks like the venture will be coming to an end very soon. The company sent out an email to its user base yesterday, indicating the “regulatory pressures have been increasing”. In fact, the team deems it is no longer feasible to operate the platform moving forward. Nearly all services offered by the platform will be terminated effectively immediately.