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. 

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.