November 7, 2017 – Ripio Credit Network (RCN) has announced the results of its token sale and token distribution. RCN raised the remaining funds needed (following their October 10th pre-sale) to hit their targeted maximum token distribution value of $37 million (121,300 ETH).
Investors from 25 countries have participated, with the majority of token purchasers based in Hong Kong, Japan, South Korea, Canada, Australia, Ukraine, and Russia, including such funds as FBG Capital, Alchemist Ventures Founder Steven Nerayoff (Ethereum, Lisk, Bancor), BlockTower Capital, Blockchain Financial Service and Blockchain Investors Consortium.The RCN tokens are the backbone of the RCN network and they are necessary to facilitate transactions among the agents involved and are required to access the network given that agents' fees and obligations are driven by the use of these tokens. The RCN tokens also act as an incentive to each one of the agents to continue to participate in the network.
“The original idea of Ripio Credit Network was to widen financial inclusion by extending credit lending globally. The success of our earlier pre-sale and today’s token distribution validates investor enthusiasm, as well as the importance of our mission for development of the world economy. The support, not only for our platform but for our mission, is truly inspirational and an unforgettable benchmark in the evolution of the lending infrastructure”, says Sebastian Serrano CEO and co-founder of Ripio Credit Network.
From now on, the team will be focused on the next steps of the their roadmap. They have partnered with Huobi.pro, one of the historic biggest exchange worldwide (+2M users) that will list the RCN token and will be the first liquidity provider of the RCN exchange, which is the initial step of launching the global p2p credit network where Ripio will deploy it is existing loans portfolio from its +130K registered users in Argentina and Brazil. Huobi.pro is exploring also to provide liquidity to other credit exchanges and wallets provider from Asia that will integrate the RCN protocol within Q1 and Q2 next year.
“Ripio is a good example of an intelligent contract application due to their entrepreneurial experience and user bases.” Huobi Blockchain Application Research institution commented.
RCN Token also is expected to be available in other main markets around the world and the company is also working in partnerships with wallet providers, credit exchanges and financial institutions from emerging markets like India, Mexico, South Korea, Philippines, Vietnam, Malaysia and African countries, along with further network development that will be announced in the next 3 to 6 months.
Ripio Credit Network (RCN) is a new infrastructure p2p lending protocol based on smart contracts and blockchain technology from the South American-based crypto company Ripio (formerly BitPagos). RCN aims to scale down traditional credit lending selectiveness and inherent bureaucracy, while simultaneously enhancing the solution provided by most peer-to-peer lending platforms by diversifying the lender’s portfolio, mitigating default risks and magnifying its potential. Ripio, the parent company of RCN, has been described as one of the most promising Bitcoin-Blockchain startups in Latin America (Business Insider), the company has raised $5M+ in venture capital since its inception, from the most prominent VC funds like Tim Draper, Pantera, DCG, among others. In 2016, they reached the finals at TechCrunch Disrupt.
RCN is based on the Ethereum blockchain’s ERC20 standard. The network operates on cosigned smart contracts, thus connecting borrowers, lenders and co-signing agents. While lenders and borrowers join the network in fiat currency, the smart contracts allow them to connect with the rest of the network agents via RCN tokens. The cosigner -one of the main RCN agents- undertakes insuring a sufficient volume of credit transactions to predict its own return on investment, manage the debt in the borrower’s country of residence, and collect the funds in the event of a default.
Ripio Credit Network is a global smart contract and blockchain-based credit network that connects lenders and borrowers located anywhere in the world and on any currency guaranteeing transparency and reliability in the lending. By reducing traditional banking brokerage costs and management fees, RCN allows for better conditions for both sides, creating a better credit alternative than anything available today. RCN leads the road towards credit democratization, offering a solution to traditional banking system alternatives.
Website https://ripiocredit.network | Telegram https://t.me/RCNtalk | Twitter https://twitter.com/RCN_token
Huobi Pro: Huobi is one of the biggest crypto exchanges in Asia with 2 mln plus users. It is an innovative digital asset trading platform for professional investors across the globe, committed to discovering high-quality digital asset investment opportunities. Currently, it provides trading and peer-to-peer investment services. It is headquartered in Singapore and has a subsidiary in Hong Kong, both operated by Huobi international team.
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