Rate, which is a Singapore-based fintech company has successfully closed a USD $15 million token-sale.
Rate3 Network which is a blockchain project of Rate has done a great job by their recent sale. The aim of this project is to build a unique network based on the blockchain platform and it would help companies to tokenize their assets.
It has an additional feature of identity component and it helps the companies to maintain a single unified identity across various blockchains and services rather than completing multiple KYC/AML checks.
Rate is looking forward to using the raised fund for the technical product development and their market expansion. The funding was done by the strong and individual investors. It included VCs Matrix Partners China and Bo Shen who is the founder of the Fenbushi Capital.
Other investors are: Crypto VCs such as Node Capital, Kenetic, FBG Capital, and Signum Capital also participated.
Jake Goh, the CEO and Co-Founder of Rate says,
“ Rate3’s vision has always been to build a tokenized world for companies and enterprises. We believe that blockchains have not reached mainstream adoption because the current infrastructure is not ready yet. First, there are no common legal frameworks to tie ownership and control of real-world assets to digital tokens. Second, there are still many differing smart contract standards and lastly, the current identity ecosystem on blockchain is still fragmented. Without common standards, government regulators will also find it hard to regulate and audit blockchain companies.”
Rate3’s tokenized assets can exist in two ways, firstly as an Ethereum-based token and secondly as the Stellar asset, either of two. Ethereum-based token allows for more complicated smart contracts, for example, maintaining the identity.
Stellar asset, on the other hand, Rate3 to leverage on its low transaction speeds and decentralized distributed exchange.
The RTE token is currently trading on several leading platforms like: Bibox FCOIN, Coinrail, ABCC exchange and other decentralized platforms Like DDEX, DEX.top, and IDEX.
Image courtesy: Rate3
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