Crypto exchange Bitfinex on Monday announced that it had listed RenrenBit token (RRB) on its platform for trading.
The token has been listed against USD and USDT and, to attract traders, the exchange is offering zero percent markup fee for the first 30 days of trading.
The exchange also assured that it would enable margin and funding markets for the token as well after the development of sufficient funds.
Chinese crypto platform
Launched in 2018, RenrenBit is a Chinese peer-to-peer lending and wallet platform. It acts as a broker between lenders and borrowers for loans in Chinese yuan and crypto-assets. However, lenders need to pledge other crypto assets as collateral.
The company is promoted by the well-known Chinese over-the-counter (OTC) trader Dong Zhao and recently grabbed headlines for raising $21 million via a token sale.
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The project received massive demand from investors in its token offering, and all tokens were sold in merely a few hours. It also received funds from Bitfinex in the early funding stage, when it secured a total of $3 million.
Bitfinex’s announcement also detailed that RenrenBit will initiate a buyback program to absorb the tokens from the market, using its revenues.
“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.
Though the company minted 42 million RRB tokens, it put only 21 million tokens in circulation. The other half is held by the company, out of with 2.1 million will be unlocked for trading, as mentioned in the whitepaper of the token sale.
As of press time, the value of the token surged 7.5 percent against the USD; however, it has plunged 11.7 percent against USDT since listing.