In a successful ICO event, the Singapore-based fintech firm ‘Rate’ fetched an elephantine sum of $15 million USD for its new decentralized blockchain project Rate3 that focuses exclusively convert “real world” assets such as fiat into digital tokens.
The ICO event was conducted from 16 April 2018 to May 22, 2018, in which both the individual as well as institutional investors took part.
Some of the major intuitional investors include Matrix Partners China, Node Capital, and FBG Capital, while Fenbushi Capital founder Bo Shen was the name among well-known individual investors.
With a goal to fortify the global e-commerce experience for users, Rate is a fintech and e-commerce service provider with three platforms – RateS, RateX and Rate3 – all of which converge on bringing an optimum buying experience for the customers in terms of price as well as ease of purchase.
Technologically, Rate3 uses Stellar to build a secure blockchain protocol for managing the payments and financial structure of the platform, and Ethereum smart contracts to enforce legally-binding trade contracts.
While RateS and RateX are mobile app and desktop browser extension respectively, for availing user the best prices and discounts, Rate3 is a blockchain network that aims to help enterprises trade better with the help of cross-chain asset tokenization and identity management. With what the company offers, enterprises can carry out blockchain-based cross-border payments, and trade in a much stable environment with a set of standard smart contracts for all, a common legal framework and a ubiquitous identity database; thus taking global trade truly beyond the boundaries.