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November 11, 2017, 01:16:59 PM |
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The initial coin offering for Latin American startup Ripio’s micro-lending network reached its $37 million hard cap.
The blockchain financial services firm, formerly known as Bitpagos, is developing the Ripio Credit Network with the stated goal of democratizing the lending process and removing the geographic and bureaucratic barriers that prevent borrowers in emerging markets from obtaining loans at reasonable rates from traditional lenders.
The Ripio Credit Network platform is governed by cosigned smart contracts and will be settled using RCN tokens. However, both lenders and borrowers can interact with the platform using local fiat currency, making the platform accessible to people who are not familiar with cryptocurrency or do not want to go through the extra step of currency exchange.
The startup raised $31 million during an October presale that was open to accredited investors and attracted investments from Blocktower Capital, Blockchain Investors Consortium, and other venture capital firms. Presale participants did not receive a discount off the public ICO price, but they were allowed to purchase tokens in larger quantities than ICO contributors. The public ICO had a $6 million limit, and Ripio achieved that mark to bring its fundraising total to $37 million.
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