Lending platform RenrenBit raises $21M in token sale

Peer-to-peer lending and wallet start-up RenrenBit has nabbed $21 million worth of commitments for a token sale. The platform sold 21 million RRB tokens yesterday, each going for 1 USDT, the Tether-issued crypto.

The 21 million RRB were purchased in a four-hour window, according to a notice from the platform's mobile app. RRB is an ERC-20 token running on ethereum, and will eventually be tradable on the RenrenBit app, according to the company. 

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The token sale follows a trend of Chinese startups riding the wave of exchange platform tokens led by Binance's BNB.

RenrenBit founder Dong Zhao is a notable over-the-counter trader and now Bitfinex shareholder. The startup's recent $3 million Series A round was led by the exchange, as well as venture capitals like Dragonfly Capital and Zhao's own DFund. The round brought RenrenBit's valuation to $16 million, according to Zhao's comments in the company's telegram channel, first reported by CoinDesk.

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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