Bitcoin P2P Lending Sites

By Stu Lustman,

Bitcoin lending sites are still in the first inning of a long, long game. They are nowhere near as established or advanced as USD and GBP based lending platforms. The 3 big platforms: BTCJamBitLendingClub and Bitbond are all working to improve themselves and their platforms. While some of them are going slower than us investors would like, they are all making progress. Let’s take a look at some of the recent and newly announced improvements to the platforms.

bitcoin

Bitbond

Bitbond’s first piece of news is that they changed their top level domain from .net to .com so now they are Bitbond.com.  BB is presenting a brand new feature at Finovate Europe on February 10. This feature is AutoInvest.

Finovate Europe is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in London, the event offers an insight-packed glimpse of the future of finance via a fast-paced, intimate, and unique format.

AutoInvest allocates funds of lenders according to their personal investment profile automatically via an algorithm. Lenders can define the investment amount, geographical regions, risk categories and base currency of the loans they want to invest in. Sweet. One of the USD platform features brought over to Bitcoin.

Bitbond co-founder & CEO Radoslav Albrecht said: “FinovateEurope gives us the opportunity to showcase our innovative product to a highly relevant audience. We look forward to demo how we build financial services on top of bitcoin that reach a global user base.”  Bitbond went live in July 2013. Since then over 470 loans were originated through the platform. 7,000 users from over 120 countries signed up to date.

BitLendingClub

At BLC, per conversation with CEO and founder Kiril Gantchev, “we’re working on some major changes which are coming within the next couple of weeks” They include

Loans API: people will be able to access loan information via a REST API.
This is huge for alot of the techie based investors, of which I’m not one, but hope they can teach me something.
New and Advanced Filters where BLC will allow us to be able to filter on pretty much any loan and user data point. Furthermore, us lenders can save and subscribe for e-mails for the filters of your choice.
The newest and perhaps biggest innovation is the Credit Score. BLC is going to release an innovative and simple to understand credit rating score for their platform.

Bitfinex (where I also lend)

Bitfinex‘s big announcement in January is about Tether.  Tether is a currency platform built entirely on the Bitcoin Block Chain. It’s believed that it will help to lessen the friction that BTC traders have when they interact with the traditional banking system.  It’s a compatible “Cryptodollar”, per Bitfinex, that will lead to better market transparency and liquidity.  It can be used with any Tether enabled BTC wallet to allow for easier transfers and general movement of money around. Tether supports USD, GBP and the Japanese Yen so far, as well as Bitcoin.

Conclusion

Changes are coming with lightning speed to the Bitcoin based trading platforms and without fail, all of these above listed changes are improvements. It’s a sign of things to come, especially for those of us that hope they will get to the longer term, more established place that the USD and GBP platforms are on today. It’s working in that direction and we can only hope it continues.

About the author

Stu

Stu Lustman, the author of this post, is a Credit Analyst by trade trying to bring Commercial Credit Analysis techniques to the world of Peer to Peer Lending

 

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