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   501

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.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   202

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.