Bitfinex Adds RenrenBit token (RRB) for Use on Spot Trading with USD and USDT Trading Pairs
Bitfinex announced on Monday that they have listed RenrenBit token, referred to as the RRB, on their platform.
Making the token available for trading and listed against the USDT and USD. With this token on the platform, it will attract various traders. Additionally, the platform is also offering a zero percent markup fee, which can be enjoyed for the very first 30 days you begin trading.
But this isn't the only benefit for investors on the platform, the company wants to assure users that they will enable funding and margin markets to be used for the token. They can also accumulate sufficient funds on the platform.
More on The RenrenBit
The platform was launched in 2018, and it is a peer to peer Chinese crypto platform that offers both lending and wallet services. It has been designed to work as a broker between both the borrowers and lenders within the market. But this is for the loans that are in Chinese yuan and the crypto assets. The lenders on the platform will need first to pledge some crypto assets to be used as collateral. Dong Zhao trader is heavily promoting the company, and recently it was able to grab headlines for being able to raise about $21 million through their token sales.
The Project has Gained some Popularity
The project has been able to attract some level of interest from the investors within the market for the token offering. Most of the tokens got subscribed in just a few hours, showing some promising results in the project.
But this is not all as the project was able to get some funds from the Bitfinex platform during their very early stages of funding. From this, it was able to secure about 3 million.
The RRB token is considered to be playing a very important role in the adoption of the RenrenBit ecosystem. As it will be able to work as lending collateral for the investors within the crypto space.
The announcement that was made by Bitfinex was able to provide investors with promising information, that RenrenBit will be initiating a buyback program. With this program in place, it will be able to absorb the tokens within the market; they will do this from the revenues they have raised.
The company was able to mint about 42 million tokens, but from this only 21 million, RRB were put in circulation in the market. The company has held the other half, and about 2.1 million will soon be unlocked to be used for trading. All this had been mentioned in the whitepaper sale.
“The RRB token is a digital token playing an essential role in the growth of the RenrenBit ecosystem through the provision of platform discounts, acting as lending collateral and much more. In addition to this, RenrenBit will commence a token buyback program, buying up all RRB tokens using platform revenues,”
the exchange detailed.
At the time of press time, the token was able to surge about 7.5% against the USD. But looking at the token against the USDT it plunged about 11.7% since it was listed.