Dharma Lever launched back in 2017, during the crypto boom giving its users a platform to get loans and credit against their crypto holdings – primarily Bitcoin. However, the services offered by the crypto firm are set to halt this month following an official announcement on the company’s official Twitter account.
The lending services became active in April this year but have since decided to halt the service.
The team further explains to the users that regardless of new deposits and loans being paused, those with existing deposits and loans would still access their accounts and withdraw any remaining funds if they wish.
We are yet to receive any communication from the team on the reason to halt the services. Dharma however gave assurance to its public that the recent hold up is nothing to have them worried. They added on that they are working as hard as they can to improve the general services offered by Dharma.
Dharma Lever long road to innovation
True to word, in February 2019, they managed to raise $7 million from various big name investors among them Coinbase Ventures back in February of 2019. The funds were then channeled towards its new platform Lever –built to support instant margin loans for crypto traders and high-volume investors.
In April 2019, Dharma Lever launched on the Ethereum blockchain, opening its doors to Bitcoin traders and other crypto holders to take loans and credit on the platform. Barley a month after opening, the cryptocurrency firm announced they had dished out over $6 million USD in loans in the first month of operation.
Sadly, the company is now halting the service to its consumers who have enjoyed loans at half the cost of traditional lenders in the past. Maybe it won’t be for long.