Bitfinex Investor’s Crypto Lending Startup Posts $2.3M in 2019 Revenue

China-based RenrenBit, a peer-to-peer cryptocurrency lending and pockets startup, has disclosed it took $600,000 in internet earnings from income of $2.three million in 2019.

The startup, based by well-known Chinese language over-the-counter dealer Zhao Dong, who’s additionally an investor in Bitfinex and Binance, printed an unaudited earnings assertion on Monday as a part of its dedication to revealing monetary information when it raised $21 million in a token sale final yr.

As well as, the 35-member staff posted an unaudited stability sheet that exhibits, as of Dec. 31, it was holding about $168 million of buyer belongings in its wallets, which accounted for 70 % of its legal responsibility.

Whereas the incomes numbers could not look like important, RenrenBit’s quarter-by-quarter development charge is in keeping with the general improved crypto market situation in 2019.

The agency reported income of $1.four million in This fall 2019, which is greater than 4 instances that seen in Q1. Equally, it introduced dwelling greater than $640,000 in revenue within the final quarter, after making a internet lack of round $175,000 for the primary three months of final yr.

Based by Zhao in November 2018, RenrenBit primarily brokers between lenders and debtors looking for to borrow both Chinese language yuan or crypto belongings with different digital belongings pledged as collateral. The agency makes cash by charging round 15 % of the income on every mortgage.

Aside from facilitating peer-to-peer lending, RenrenBit additionally lends from its personal capital. As of Dec. 31, the corporate had about $64 million in excellent loans on its books.

The startup additionally gives crypto-to-crypto and yuan-to-crypto spot buying and selling in its cellular app. It emerged as a part of the rising panorama of crypto lending companies in China and worldwide.

In July, Renrenbit performed a sale of its ERC20-based RRB token, elevating $21 million within the US dollar-linked tether (USDT) stablecoin. RRB capabilities very like Binance’s BNB token, being tradable and in addition utilized to offset transaction charges on RenrenBit.

Earlier final yr, the agency additionally raised $three million in a Collection A funding spherical with backing from traders resembling Dragonfly Capital and crypto trade Bitfinex.