Singapore: One of the most exciting Fintech and blockchain companies, Rate3 to emerge has just raised US$15 million in a token sale for Blockchain.
Rate3 is a blockchain network which wants to help companies convert their rights to a “real world” physical asset into a digital token on a blockchain.
Rate3 is built on top of blockchain protocols and uses Ethereum. This Ethereum platform allows for the creation of smart contracts, which can store customer's information and make transactions easily.
A combination of Venture Capitalists from across Asia, such as Matrix Partners China and Bo Shen, founder of Fenbushi Capital, as well as crypto investors Node Capital, Kenetic, FBG Capital, Signum Capital participated in the round of investment.
“We believe that blockchains have not reached mainstream adoption because the current infrastructure is not ready yet. First, there are no common legal frameworks to tie ownership and control of real-world assets to digital tokens,” said Jake Goh, CEO & Co-Founder of Rate.
With this Initial raised capital, Rate3 has managed to develop a mobile app that integrates and increase e-commerce platforms for shoppers to find lower exchange rate at no transaction fee for overseas purchases.