BTCjam was launched with the goal of enabling P2P loans across boarders. Never before had this idea been tried as there wasn’t a currency up to the task, but Bitcoin made it possible.
BTCjam would go on to raise venture capital and foster a large community of pioneering Bitcoin users interested in this new industry.
Despite the websites initial success and high growth, BTCJam was hit hard by BTC price volatility as well as errors in setting verification and loan terms which turned around and caused more defaults. This combined with more restrictive borrowing and regulatory concerns lead to its eventual closure on May 25, 2017