Overview of Renrenbit
Established in August 2018, RenrenBit has successfully developed a product centered around four core pillars – deposit, trading, lending and automated investment.In addition to this, RenrenBit will commence a token buyback program, buying up all RRB tokens using platform revenues.RenrenBit is a secure and transparent digital bank built on blockchain.The circulating supply is 23,100,000 with the total supply set at 42,000,000.The initial price of RRB was 1 USDt.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.
It may also be used as collateral for cryptocurrency lending services provided by the company.RRB is an ERC-20 token that can be used to pay fees on transactions within the Renrenbit platform, which allows crypto-to-crypto and OTC trading.
A legitimate token sale?
Being a Chinese company, RenrenBit is also facing questions around the legality of its token sale as the Chinese government banned all initial coin offerings (ICOs) within the country in late-2017.
How is RenrenBit changing Chinese token sales?
The Chinese government has been hostile towards the cryptocurrency industry and has cracked down very heavily on both crypto miners as well as crypto-related companies.Their tough stance led to many Chinese companies looking for greener pastures elsewhere in Asia and Europe.One such example was Binance, the largest cryptocurrency exchange in the world which moved base to Malta.
Is Zhao involved in illegal crypto trading transactions?
Chainnews alleges that the head of RenrenBit has been cooperating with the Chinese authorities related to suspicions of alleged fraud transactions performed by the company.
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