FBG Capital, Kenetic and others back Singaporean blockchain startup Rate
Singaporean blockchain startup Rate has raised $15 million in its initial coin offering (ICO) drive that ran from April 16 to May 22, TechInAsia reported.
The token sale was open to both public and private investors and drew support from Fenbushi Capital’s token funds, Node Capital, Kenetic, FBG Capital, AlphaCoinFund, IOST. The RTE token started trading on a number of exchanges including Bibox, FCOIN, and Coinrail, the company said.
The funding will be used to support the development of Rate3 – a blockchain network aimed at helping companies convert their rights to a “real world” physical asset into a blockchain-based digital token. The platform is built on top of blockchain protocols Stellar and Ethereum.
The company explains in a blog post:
“The Rate3 Dual Protocol consisted of a Cross-Border Payment Protocol, and a Credit Scoring Protocol. Through the former, Rate3 aims to help businesses do cross-border settlements & clearance using the Stellar network. The Rate3 Credit Scoring Protocol taps on the Ethereum network to provide a gateway to further financial services: decentralised credit score, facilitation of credit loans, and creating bridges for other financial institutions.”
Founded in 2016, Rate offers other fintech products as well. This includes RateX – a browser extension with an alternative payment method that offers the best exchange rate and free online coupons and promo codes.
Earlier this year, RateX raised $2.3 million in a pre-series A funding round, which saw participation from Alpha JWC Ventures and Insignia Venture Partners.