RATE Group | Bitfinex Investor Raising $21 Million for Binance-Style Exchange Cryptocurrency
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Bitfinex Investor Raising $21 Million for Binance-Style Exchange Cryptocurrency

23 Jul Bitfinex Investor Raising $21 Million for Binance-Style Exchange Cryptocurrency

Posted at 20:57h in Cryptocurrency News by

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RenrenBit, a China-based crypto peer-to-peer lending and wallet startup founded by well-known over-the-counter (OTC) trader Dong Zhao, has lined up commitments worth $21 million for its own token sale.

The lending platform kicked off the sale of 21 million RRB tokens on Monday, each priced at 1 USDT, the dollar-pegged cryptocurrency issued by Tether. It’s yet another example of a notable Chinese crypto startup capitalizing on the craze of exchange platform tokens following the significant growth of Binance’s BNB.

According to a notice posted on RenrenBit’s mobile app, the sale was fully subscribed within about four hours with all 21 million RRB spoken for. The firm allows a two-day window for investors who might have second thoughts to withdraw their orders so the eventual amount raised could vary.

According to the white paper, RRB is an ERC-20 token that runs on top of ethereum and can be used to offset transaction fees for crypto-to-crypto and OTC trading on…

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