BTCjam was a peer-to-peer lending service where people from around the world connect to borrow and lend using bitcoin. It was intended to let users in countries that lack a local credit score system to receive loans, based on an in-house credit-scoring algorithm. Its mission wass to make credit affordable and accessible everywhere.
BTCjam was part of 500 Startups accelerator program and received investments from Ribbit Capital, Foundation Capital, Pantera Capital, and other venture capital firms. It has facilitated bitcoin loans for more than US$14,000,000 in over 120 countries worldwide.
BTCJam closed on 2017, citing regulatory difficulties operating out of various jurisdictions.
Video BTCJam
History
BTCjam was founded in late 2012 in order to help people have access to affordable credit. In some developing countries like Brazil, interest rates for personal loans can reach over 200% per year. Borrowers are unfortunately subject to aggressive predatory lending practices making credit difficult when not possible to be obtained.
2013
In October 2013, BTCjam was accepted into the 500 Startups accelerator program and secured seed financing from Ribbit Capital, 500 Startups, FundersClub and Bitcoin Investment Trust.
2014
In February 2014 BTCjam moved from Mountain View to San Francisco, California, and started expanding the company largely. Gustavo Guida Reis, a Brazilian entrepreneur and former shareholder of the Brazilian e-commerce property Buscapé, joined the company in May as shareholder and Chief Product Officer.
By the end of 2014 BTCjam had facilitated bitcoin loans in excess of US$10 million with more than 100,000 users in over 120 countries worldwide.
2015
In January 2015 BTCjam secured their Series A fundraising round, led by Foundation Capital (investors in Netflix, Uber and Lending Club), Ribbit Capital, 500 Startups, FundersClub, Bitcoin Investment Trust and Pantera Capital. In May 2015, BTCjam launched new automatic investing tool.
Patrick Murck, executive director of the Bitcoin Foundation, has joined the board of advisors of BTCJam.
2016
In March 2016, BTCjam stopped customers from the United States from creating an account on the site. The CEO of the firm cited regulatory issues and uncertainty in the United States as the reason for the restriction.
2017
In 2017 the company disclosed that it would be shutting down entirely and ceasing operations.
Maps BTCJam
Board of directors
- Celso Pitta, CEO/CTO
- Gustavo Guida Reis, CPO
- Charles Moldow, Advisor
- Micky Malka, Advisor
Main Investors
- Ribbit Capital
- Foundation Capital
- Pantera Capital
- 500 Startup
Recognition / Awards
- Hot Fintech Startup (by Fox Business)
- Top 25 Most Exciting Bitcoin Startups (by Business Insider)
- The 10 Most Promising Startups Building Stuff With Blockchain Technology (by Business Insider)
- Top 25 Bitcoin Innovative Disruptors (by Sand Hill Group)
- Hot Finance Startup of 2014 (by Tech Cocktail)
See also
- Comparison of crowdfunding services
- Disintermediation
References
External links
- Company Website BTCjam Official Website
Source of the article : Wikipedia
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