BitLendingClub’s platform connected lenders and borrowers and utilized a Dutch Auction system, in which borrowers offered and accepted loans only when the interest rate dropped to their desired level. Borrowers were able to propose their desired interest rates and reject individual offers, which was intended to guarantee that they would always receive an optimal interest rate. Several months after its launch, the company said it had facilitated 2,200 loans, worth over 3,500 BTC total, which was then worth approximately $1.25 million.
In October 2014, BitLendingClub announced it had received a €200,000 ($253,336) seed investment from European VC fund LAUNCHub. In December 2016, the company announced that it intended to close its doors the following years, citing pressure from Bulgarian regulators.