Ripio raises $ 31 million for the sale of private Ethereum tokens

Bitcoin startup Ripio raised $ 31 million in a pre-sale for an upcoming blockchain network.

Formerly known as BitPagos, the Argentine startup is collecting the funds to build the so-called Ripio Credit Network, which will serve as an Ethereum token as a medium of exchange between lenders and borrowers. Ripio now plans to start the next phase of its sale on October 24th and the concept has attracted a remarkable number of supporters.

Investors in the presale included FBG Capital, Early Ethereumum Advisor Steve Nerayoff (as well as his venture firm Maple Ventures) and Blocktower Capital among others. According to Ripio, participants came from different parts of the world such as Russia, South Korea and Canada.

“We are very pleased that our pre-sale campaign has been supported by leaders in the blockchain industry as well as individual investors from around the world,” said Sebastian Serrano, co-founder and CEO of Ripio, in a statement. “Our goal is to expand financial inclusion by expanding lending around the world. To do this, we need to have supporters around the world.”

There have been several notable pre-sales over the past few months – an increasingly common tactic in today’s Initial Coin Offering (ICO) process – including $ 52 million that Filecoin raised and $ 50 million that of the Messenger app Manufacturer Kik has collected for its Kin cryptocurrency.

Disclosure: CoinDesk is a subsidiary of the Digital Currency Group, which has a stake in Ripio and invests in Filecoin pre-sales.

Marbles image via Shutterstock

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