ICO: Microlending Startup Ripio raises $31 Million in presale.

Bitcoin startup, Ripio has concluded a presale of its Initial Coin Offering (ICO) for Ripio Credit Network (RCN) Wednesday. The presale which started on September 19 brought in $31 million from selected investors.

Formerly known as BitPagos, Ripio is a widely used bitcoin wallet in Latin American. The wallet has features that allow users send or receive money in fiat currency and also obtain micro-credit. Following their acquisition of Unisend in 2015, Ripio Exchange allows users to trade digital currency with Argentinian pesos.

RCN Crowdsale (Ripio ICO)

The RCN public token crowdsale is set to begin on October 24 and last for two weeks. It has a hard cap of 21,250 ETH (about $6.5 million as at 12/10/2017). The presale already garnered $31 million from selected contributors. The presale which lasted for three weeks attracted notable investors like FBG Capital, Maple Ventures, and Blocktower Capital.

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“We are extremely excited, that our pre-sale campaign was supported by both leaders of the blockchain industry and individual investors from all over the world,” – Sebastian Serrano (Co-founder and CEO, Ripio)


Ripio Credit Network

Through RCN, Ripio intends to extend its micro-lending service globally using Ethereum blockchain technology. It will be a global platform where borrowers and lenders meet. RCN is basically a global peer-to-peer network based on co-signed smart contracts. Processing fees are expected to be low since the transactions will not go through regular banking processes. The platform would be driven by RCN tokens.


RCN Flowchart
RCN FLowchart


According to the timeline on their website, RCN is expected to go live in April 2018.


Co-signature: The cosigner acts as a reinsurer that distributes and reduces the lender’s risk and, at the same time, helps to improve the contract conditions by retaining access to the borrower’s local legal system.

Smart contract: The RCN smart contract connects agents with information on the borrower’s identity to agents that analyze the borrower’s credit risk impartially, thus standardizing credit lending through blockchain technology.

Peer-to-peer network: RCN enables connections between lenders and borrowers located anywhere in the world, regardless of currency, allowing better conditions for both sides, creating a better credit alternative than anything available today.




Tugba Kaplan - Tech Journalist

Tugba Kaplan is a journalist with more than 8 years of experience. She is an award winning correspondent. She has worked for Article 19 / The Guardian Foundation/ P24 Knowledge Right Project. She has participated in See Media Observatory in Macedonia. She was Research Fellow at Friedrich Ebert Foundation in Germany.



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