Lending Club will cease offering Retail Notes as of the end of 2020, signalling a dramatic shift entirely away from the peer to peer (P2P) lending model under which the company was launched. Over the years, the online lender has utilized a marketplace model as more institutional money funded loans originated on the platform with the retail investor becoming a smaller segment of overall lending. The company said “unfortunately, under a prospective banking framework, it is not economically practical for LendingClub to continue to offer Notes.”
A smart banknote (SBN) is a physical banknote on a paper or polymer substrate that can communicate with an electronic network. An SBN is denominated and has the physical properties of a traditional banknote in size, feel, appearance, and etc. It is not a rigid, plastic card such as may be used in present credit or debit transactions. The purpose of an SBN is to act as a hybrid that can function either as a definitive or an electronic instrument, depending upon the immediate need. Such functionality will allow an SBN to act as a transitional device between traditional payment systems and electronic and crypto-based payment systems.
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