Bitcoin Lending Platform BTCJam Stops Taking New US Customers
Bitcoin lending platform BTCJam is no longer taking new US customers, citing uncertainty around regulation in the country. According to BTCJam founder and CEO Celso Pitta, the platform will no longer allow for the creation of new accounts from the US. While existing users can still access their accounts, receive or make payments on existence loans and process withdrawals, affected account holders won’t be able to issue new loans. Pitta said that the move was driven by regulatory issues in the US, echoing a message posted to the BTCJam website and circulated on social media earlier today....
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San Francisco-based startup BTCJam is taking peer-to-peer lending to a global audience, and is using bitcoin to achieve its vision. Bypassing the restrictions of fiat currencies, the company says, allows any individual in the world to receive a loan via its platform. While traditional wire transfers are costly and not always easy to set up, bitcoin allows approved BTCJam borrowers to receive funds almost instantly, wherever they may live and whether or not they have a bank account. Celso Pitta, the company's CEO, told CoinDesk: "We are a global lending platform. We use bitcoin as a payment....
BTCJam is a peer-to-peer bitcoin lending platform that has seen some successful bitcoin businesses born from its womb. Last night, reports started surfacing on Reddit that the site had gone down and immediately previous to that, some users saw their accounts emptied. The site has since been restored and the CEO has stated emphatically that no users will lose their coins. The CEO also has not confirmed this as a hack, noting only that they noticed some “invalid transactions[.]” He also stated that BTCJam keeps the vast majority of their holdings in cold storage. We are offline to resolve....
Despite the company exiting the US market for the time being, there is no indication BTCJam will withdraw its services from other regions as well. Speculation on Reddit seems to indicate this is good news for US Bitcoin enthusiasts though, as the company does - allegedly - not have the best of reputations. BTCJam is one of those companies who have tried to mix traditional finance with the decentralized aspect of Bitcoin and digital currency. By offering personal loans to consumers all over the world, the company saw an opportunity presented by Bitcoin very few businesses were willing to....
Patrick Murck, executive director of the Bitcoin Foundation, has joined the board of advisors of BTCJam - a bitcoin-powered peer-to-peer lending network. Celso Pitta, BTCJam's CEO, said: Patrick's legal expertise and bitcoin knowledge are absolutely essential to our mission of expanding access to fairly priced credit everywhere. Murck, who took over as executive director of the foundation following Jon Matonis' resignation last October, has "an impressive legal background" and was recently named one of America's Top 50 Outstanding General Counsels by the National Law Journal. He said: "I....
BTCJam has suffered an apparent security breach that affected an unknown number of users. The peer-to-peer lender was quick to reassure its clients that no bitcoins had been lost from their accounts. A spokesperson said the incident was the result of a hack at its email provider, which allowed the attacker to access funds belonging to customers with low security settings. BTCJam started experiencing some issues over the weekend and was offline on Sunday. We are offline to resolve some technical issues with logging in. We would like to assure you that no Bitcions were lost in this process.....