Ripio Credit Network pulls in $31m after token pre-sale

Ripio Credit Network has closed its private pre-sale after selling around 425m tokens, which amounts to approximately $31m.

The sale was live for 16 days, but closed six days earlier than initially planned after being quickly over-subscribed. Contributions to the round came from firms including FBG Capital, Alchemist Ventures, BlockTower Capital, Blockchain Financial Service, and Blockchain Investors Consortium, among others.

To take part in the pre-sale buyers had to be an accredited investor and complete KYC documents. The public ICO will launch on October 24th, and has a cap of 85 million tokens, which would amount to 21,250 ETH.

Ripio Credit Network 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 helps to lower traditional brokerage costs and management fees to offer consumers better credit options.

Through the smart contracts a borrower is able to join the global network and interact through the RCN tokens. 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.

Argentina-based Ripio, which is the parent company of RCN, has raised over $5m in venture capital from investors including Tim Draper, Pantera, and DCG.

RCN founder Sebastian Serrano said, “Our goal is to widen financial inclusion by extending credit lending globally, and for implementing it we need worldwide support. During this presale RCN run a zero discount or bonus policy, which made the terms equal for all participants, whether they were accredited individuals, funds or companies.”

ICO rounds have had a strong year, with the top three closes all happening in the summer. The current record is held by Filecoin, which managed to rake in around $257m during its sale, with it surpassing Tezos $232m raise and’s $185m close. The next highest three token sale after these three plummets down to $56m.

Copyright © 2017 FinTech Global

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