$21 Million Raised Through Token Sale By Lending Platform RenrenBit
The prominent Bitfinex shareholder and founder of crypto lending wallet platform RenrenBit Dong Zhao, has captured 21 million worth assurance for a token sale. The platform sold 21 million RRB tokens on Monday. The price of each token was 1USTD. RRB token is a dollar-backed cryptocurrency issued by Teether.
Within a time, frame of four hours 21 million RRB tokens were sold, the mobile app of the platform issued the report. The startup has also allowed its investor to think once more by providing them for two days. After the noteworthy advancement of Binance’s BNB, this is another cryptocurrency exchange capitalizing on the token sale.
RRB is developed as ERC-20 token created on the blockchain of Ethereum. The token can be operated to reduce the crypto to crypto business fees as well as trading OTC on Renrenbit platform. It can also work as collateral for the lending service of the platform.
As the company publication, initially, RRB token can only be traded on the app of the RenrenBit. The 21 million token sales are only a part of the total issuance. Another portion of the total tokens will be kept with the RenrenBit crew, of which 2.1 million will be released for trading.
In one of the Ethereum wallet of the company, it was viewed about $19 million tokens were flocked over the weekend. Dong Zhao himself resealed the screenshot of that wallet. To trade RRB token the investor initially has to deposit 1000USTD tokens into RenrenBit account.
RenrenBit was founded in 2018 and worked as a broker for the lenders and borrowers of Chinese Yen and crypto-assets. For china and to the entire world, the platform emerged as a new platform for the crypto lending business.
Zhao is among the early investors of cryptocurrency in China. He started a crypto-based business in 2012 with $1.5 million capital.
He is also a notable OTC trader and a shareholder of Bitfinex and is also the owner of DG Group which is an OTC trading platform. The recent $3 million Series A round was commanded by venture capitals of the company like Dragon Fly and DFund. This has brought $16 million valuations to Renrenbit.