Ripio Credit Network ends ICO on $37m

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fintech insurtech wealthtech regtech ai cybertech esg news

Global P2P system Ripio Credit Network has ended its ICO on $37m, after receiving 121,285.66 ETH.

The token sale saw 3,400 participants from 25 countries, including Hong Kong, Japan, Canada, Australia, Ukraine, Russia and the US, among others.  The entire sale saw 483 million of its RCN tokens sold – the total supply is 999 million.

Ripio’s sale was split between a private presale and the public ICO. The private investment stage represented $31m if the total proceeds, after it saw 425 million RCN bought within just 16 days. The oversubscribed round saw institutional investors like FBG Capital, Alchemist Ventures, BlockTower Capital, Blockchain Financial Service, and Blockchain Investors Consortium take part.

Argentina-based Ripio is a lending platform based on smart contracts and blockchain technology to help connect lenders and borrowers from around the world, in any currency. The platform lowers traditional brokerage costs and management fees. A co-signing agent helps to monitor the credit transactions, manage the debt in the borrower’s country of residence and to collect funds in the event of a default.

Following the sale, the company is looking to launch its RCN exchange, which will deploy existing loans on the Ripio wallet. The company is also in talks to create partnerships with wallet providers, credit exchanges and financial institutions in India, Mexico, South Korea, Philippines, Vietnam and Malaysia as well as countries in Africa.

The company also announced it has formed a partnership with Asia-based crypto exchange, making it the first liquidity provider of the ECN Exchange.

Copyright © 2017 FinTech Global

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