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Ripio Credit Network set to launch in November

Will use the blockchain to provide loans through the exchange of tokens

Financial trends and news by Josiah Motley
September 22, 2017
Short URL: http://vator.tv/n/4a31

Formerly referred to as BitPagos, Ripio Credit is coming off a series of accomplishments that include the finals of TechCrunch's Disrupt Battlefield last year and more recently the team is coming off a win at d10e, the biggest blockchain and fintech conference in the world. Ripio was founded in 2013 and is currently headquartered in San Francisco. The company has had one successful round of funding, with help from VC funds like DCG, Pantera, and Tim Draper. 

On the 19th of September, Ripio will be begin pre-sales (similar to an ICO) on tokens for their new service, the Ripio Credit Network (RCN). These tokens will not only be used to raise funds, but they will also be required for the service. This service, at its core, is basically a global lending platform that connects people with lenders from all over the world, with the added security and transparency benefits of the blockchain on which it's based.

This new crpyto-based lending solution will use the blockchain to provide transparent, trackable engagements call smart contracts that will connect borrowers, lenders, and co-signing agents. The currency will be based on the Etherium blockchain's ERC20 standard. The lenders and borrowers will be connected through the RCN tokens; the co-signers essentially ensures a sufficient amount of credit transactions to predict ROI and to manage debt in the borrower's country. They will also be responsible for collecting funds in the case of a default on the loan.

The driving force behind Argentina-based Ripio and the RCN is the idea of widening financial inclusion by extending credit worldwide. This decentralized solution will help alleviate many of the costs associated with traditional, regulated loan solutions that are dictated by governments. This solution will keep those people out of the picture, while offering a global lending platform that can be used by almost anyone. Pre-sales are on now, with crowdsales starting on October 17th.