Instant P2P Crypto Lending Service Dharma Lever, Halts Loans And Deposits On The Platform

    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

    We highlighted Dharma in 2017 during its launch but the company really came to light in late 2018 as waves of an investment from Coinbase started to hit the market.

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    IBM Wins ‘Self-Aware' Token Patent, It Can Record Offline Transaction Data To Upload Later

    IBM was given a US patent for a “self-aware” token that’s capable of recording its own data for transactions. The patent was awarded on January...

    World’s Largest Oil Firm Saudi Aramco, Drops $5M Into Vakt's Blockchain Trading Platform

    A leading oil corporation from Saudi recently invested $5 million towards a blockchain based startup dubbed ‘Vakt’. Saudi Aramco Energy Ventures (SAEV), initiated the...

    China’s Crypto Affinity Drops As LocalBitcoin Volume Drops To 2-Year Lows

    China’s BTC trading volumes have hit an all-time low in two years with the peer to peer (p2p) exchanges on LocalBitcoin. As of the...

    Bitfinex Ordered To Freeze $860k Bitcoin Linked To BitPaymer Ransomware By UK Courts

    A High Court in the United Kingdom has issued a freeze order on Bitcoin acquired via a ransomware attack against a Canadian-based firm. The...

    TradeStation Users Now Have Access To CME, Bakkt Bitcoin Futures Options Trading

    TradeStation is an online brokerage firm for securities and on 27th January announced that its clients can now trade Bitcoin Futures Options from CME...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.