In order to put up the sale of its own token, commitments valuing $21 Million has been listed by RenrenBit. This China-located firm is established by Dong Zhao, a famous OTC (over-the-counter) trader. The trade of 21 Million RRB token was commenced by the crypto P2P lending and wallet startup on July 22, 2019, valuing each at the dollar-set, Tether-issued cryptocurrency, 1 USDT.
The Chinese crypto startups have been observed trying to gain profit from the trend-setting exchange platform tokens. And RenrenBit is the latest example of this seen following the suit after the notable expansion of Binance’s BNB. The sale entirely gave out the 21 Million tokens promised within 4 Hours, as reported on the mobile app of RenrenBit. Also, in case the investors change their minds and wish to retreat their orders, a timeframe of 2 Days is provided. This can change the final amount raised by them.
Being an ERC-token, RRB is listed above ethereum and, on RenrenBit, it can be utilized to compensate transaction charges for OTC and crypto-to-crypto trading, as per the white paper. Further, it can be vowed as collateral for the crypto lending services of the platform. For now, the token would be commercial on its own app, as said by the firm.
The sale surfaced following the revelation by RenrenBit of its $3 million Series A round directed by prominent VCs like Zhao’s DFund and Dragonfly Capital, in addition to Bitfinex, a crypto exchange in which Zhao is an investor.
On the other end, as per the reporting to Finance Ministry of India, a board committee proposed the watchdogs of the nation are “open-minded” in relation to a governmental cryptocurrency. However, in unison, suggested penalties and up to 10-years imprisonment for general use of the same in the nation.