Bitfinex cryptocurrency startup RenrenBit earns $ 2.3 million in 2019

RenrenBit, a Chinese cryptocurrency peer-to-peer startup from Bitfinex, earned $ 2.3 million in 2019. At the same time, the company's profit amounted to $ 640,000.

The company was founded in 2018 by trader ZhaoThe dong that invested in Bitfinex and Binance. Last year, the company raised an investment of $ 21 million as a result of the RenrenBit Token (RRB) ICO. The platform is in high demand among cryptocurrency investors: as of December 31, 2019, digital assets worth $ 168 million were stored on platform wallets.

We should also note the positive dynamics.RenrenBit financial results. In the first quarter of last year, the company suffered losses in the amount of $ 175,000, and the fourth - ended in positive territory. Moreover, the income of a startup from October to December has quadrupled compared with the first trimester.

RenrenBit customers can take a frienda friend on credit yuan or virtual currency, using digital assets as collateral. The platform charges a fee of 15% of the profit earned from each loan. In addition, the company provides lending services from its own foreign exchange reserves. On December 31, the amount of loans issued reached $ 64 million. The mobile application integrates the option of buying cryptocurrency for RMB, as well as the conversion of some digital assets to others.

RRB coins issued on the Ethereum blockchain(ETH), you can trade on RenrenBit or use them to complete transactions on the site. In this case, the trader receives a discount on the transaction processing fee. At the beginning of 2019, the company received an investment of $ 3 million. Such large enterprises as the financial firm Dragonfly Capital and the Bitfinex exchange have invested in the startup.