Rate, a Singapore-based fintech company announced today it has successfully closed a USD $15 million token sale through its blockchain project, Rate3 Network. Rate3 aims to build a unique blockchain network to help companies tokenize their assets. An additional identity component helps companies to maintain one single unified identity across different blockchains and services, instead of completing multiple KYC/AML checks. The funds raised will be used for technical product development and expansion into other markets.
Funding came from strong institutional and individual investors and included VCs Matrix Partners China and Bo Shen, founder of Fenbushi Capital. Crypto VCs such as Node Capital, Kenetic, FBG Capital, and Signum Capital also participated.
“Rate3’s vision has always been to build a tokenized world for companies and enterprises. We believe that blockchains have not reached mainstream adoption because the current infrastructure is not ready yet. First, there are no common legal frameworks to tie ownership and control of real-world assets to digital tokens. Second, there are still many differing smart contract standards and lastly, the current identity ecosystem on blockchains is still fragmented. Without common standards, government regulators will also find it hard to regulate and audit blockchain companies.”
David Su of Matrix Partners China added, “As an advocate of blockchain technologies and after having backed 400 companies, the challenge for enterprises to adopt blockchain is glaringly real. We believe Jake has the tenacity and foresight to rally his team to execute Rate3’s vision of a tokenized world amongst enterprises.”
Rate3’s tokenized assets can exist as either an Ethereum-based token or Stellar asset. The former allows for more complicated smart contracts, such as maintaining an identity, but the latter allows Rate3 to leverage on its low transaction costs, fast transaction speeds and decentralized distributed exchange. Having a cross-chain architecture allows for the best of both worlds.
The RTE token is already trading on several leading exchanges such as Bibox FCOIN, Coinrail, ABCC exchange and other decentralized exchanges like DDEX, DEX.top, and IDEX.