RenrenBit to Report on $600k Net Income in 2019

RenrenBit, founded by Binance investor, is a broker between crypto lenders and borrowers and takes 15% of the profit on each loan
20 January 2020   319

RenrenBit, a China-based p2p cryptocurrency lending platform, reported financial results for 2019, including $ 600,000 in net income with $ 2.3 million in profit. It is reported by CoinDesk.

The company was founded in November 2018 by Chinese businessman Zhao Dong, also known as one of the investors in the Bitfinex and Binance cryptocurrency exchanges.

The RenrenBit financial performance report, which has not yet been audited, was published on Monday, January 20, and is part of the company's financial disclosure obligation, which was adopted after the end of the token sale in 2019, following which it raised $ 21 million.

According to the RenrenBit balance sheet, as of December 31, 2019, there were about $ 168 million of client funds in its wallets, which is about 70% of all the company's obligations.

Despite the fact that these figures may not seem the largest, the publication notes that the quarterly growth rate of the company as a whole was consistent with the general positive mood in the cryptocurrency market last year.

So, in the fourth quarter, RenrenBit profit amounted to $ 1.4 million, which was almost four times more than in the first quarter. Revenues for the same period amounted to more than $ 640,000, while in the first three months of the year the company suffered losses of $ 175,000.

RenrenBit acts as a broker between cryptocurrency lenders and borrowers who want to get a loan in Chinese yuan or cryptocurrencies secured by other digital currencies, and takes 15% of the profit on each loan for its services. Also, the company, with a staff of 35 people, offers loans from equity. As of December 31, 2019, the total amount of such open loans was about $ 64 million.

SEC to Unveil New List of Probable TON investors

One investor in this list is a ex-member of the managing board of the Bitcoin Foundation and partner of Ribbit Capital Mayer Malka
27 January 2020   481

Some names of large investors and the names of investment companies that could take part in the $ 1.7 billion token sale of the Telegram blockchain project became known, CoinDesk reportes with reference to documents issued by the US Securities and Exchange Commission (SEC) in the framework of the current proceedings.

One such investor is a former member of the managing board of the Bitcoin Foundation and partner of Ribbit Capital, Mayer Malka. He during the testimony at the beginning of the month mentioned Telegram CEO Pavel Durov.

Answering a question about whether Telegram is known for investors who can take on the role of validators in the TON PoS blockchain, Durov said:

We didn't put together a separate list of the purchasers who we would assume have experience in validating other networks, although it was obvious that certain investors… such as, for example, Micky Malka that we have discussed earlier, might… have experience in these processes of validation or at least were closely affiliated with parties that had experience in such processes.


Pavel Durov

Telegram CEO

In addition, Telegram Vice President Ilya Perekopsky, in one of his reports, named David Jan, the founder of ABBYY, a linguistic solutions development company, among potential investors. According to the correspondence published by the SEC, Ian asked Perekopsky if he could get an allocation in the ICO if he contacted Telegram directly without intermediaries in January 2018. “100 percent,” replied Perekopsky.

Also, TON investors could become the American funds Kleiner Perkins, Fortress, Draper Dragon, Dragoneer, DRW Holdings and Redpoint. This follows from the testimony declarations affixed by the SEC to the recent petition. In eight declarations, TON investors explain what prompted them to purchase Gram tokens. Company names have been removed from all documents, but they have remained in the file names. Sources familiar with the situation confirm that they really could take part in the ICO.

Most of the witnesses interviewed by the SEC indicated that they were interested in the possibility of supporting the Telegram project in the ICO TON, while the messenger itself does not accept funding for its main business. The announced investment amounts are on average $ 5-10 million. At the same time, Kleiner Perkins was initially offered an allocation of $ 15 million, but the company managed to agree on a twice as large investment, it follows from the submitted documents.