P2P lending platform, Bitbond, has apparently changed their tune. Recently the company began actions to reduce services amid regulatory concerns, however, they just received 2.1 million in VC funding. This may mean they plan to go the other direction.
“The additional resources will help us to continue realizing our mission which is to make lending and borrowing globally accessible. We are happy to have such experienced investors supporting us on this exciting journey.” - Radoslav Albrecht, Bitbond’s CEO¹
Şekip Can Gökalp, founder of Mobilike, a Turkey-based mobile ad network formed in 2009, led the round.
Regulatory Concerns
This must mean Bitbond is not so concerned anymore. BitLending club, which was formerly Loanbase and now Loanbase is something else, but still really BitLendingClub and BitLendingClub is back because it was Loanbase after it was BitLendingClub and before Loandbase was Loanbase and they decided to go back to that branding when they stated issues with regulations.
BTCJam pulled out of the United States in 2015 for the same reason, regulatory concerns.
The main issue with regulations are the interest rates involved and the problem with the United States is that you don't have one set of regulation to deal with, you have over 50 since each state and/or territory can enforce their own set of laws on the state level in addition to anything that exists on the federal level.
This is true for bitcoin and money transmission as well and why that black art is frequently a drain on startup companies.
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