Singaporean FinTech startup Rate has closed a $15m token sale through its blockchain project, Rate3 Network.
The token sale reached the hard cap of 25,000 ETH, with more than 1,000 investors participating. It included participation from Matrix Partners China, Fenbushi Capital founder Bo Shen, as well crypto-focused VC firms Node Capital, Kenetic, FBG Capital and Signum Capital.
Prior to the latest fundraising, Rate had raised a $2.3m pre-Series A round co-led by Alpha JWC Ventures and Insignia Venture Partners in March 2018.
Rate3 is a blockchain-based platform to help companies tokenize their assets and manage a unified identity across different blockchains. It will provide a common legal framework, smart contract standard and identity ecosystem to bridge the gap between enterprises and blockchains.
The company said in a blog post: “The reality is that there is still a vast gap between the current “fiat” reality and the “blockchain” world and enterprises cannot adopt blockchain technologies effectively: they cannnot use volatile cryptocurrencies for business usage, their assets are held in fiat value, they do not have an identity on different blockchains.”
The Rate3 network consists of an end-to-end protocol for tokenisation of assets on both Ethereum and Stellar, as well a protocol to create and manage a unified cross-chain identity.
Its protocols are specifically designed to work with financial regulators and all legal bodies. “We want to create a set of standardised smart trusts and smart contracts, to be customised to local regulations,” the company added. “They are also designed for a permissioned and transparent trail of transaction history.”
With a fragmented KYC/AML process and the need to maintain users’ privacy, Rate3 a decentralised single identity protocol on blockchain smart contract is needed. The Rate3 Identity Protocol provides a shared standardized identity framework, for KYC/AML and other compliance checks. It also provides a smart contract layer to associate a user’s Stellar address with his/her identity.
Copyright © 2018 RegTech Analyst
