Ripio Credit Network

(RCN) Price

$0.03100 -0.0005660 (-1.79%)

Ripio Credit Network (RCN) Price

RCN - USD

$0.03100
-0.0005660 (-1.79%)
0.00000000 BTC (-0.6796%) Real time data

Last trade

600.00000000 RCN

bitfinex $17.34

Market cap

$14,028,218

452,523,161 RCN

Volume (24H)

$1,170,541

37,759,375 RCN

Day's range

$0.02890 - $0.03730

0.00000433 BTC - 0.00000558 BTC

Open price (24H)

$0.03157

52 weeks - low

$0.00

52 weeks - high

$0.2300

52 weeks - AVG volume

$4,597,722

Supply

493,330,791 RCN

Max supply

1,000,000,000 RCN

Details

Type
Token
Block
Mineable
Since
Oct 17, 2017
Algorithm
N/A
Proof Type
PoW

What is Ripio Credit Network?

The Ripio Credit Network is a global network built on co-signed Smart Contracts and Blockchain technology. The network seeks to connect lenders and borrowers around the world in any currency. Agents use the Smart Contracts to analyze a borrower’s credit risk impartially, thus standardizing lending practices through Blockchain technology.

The network came into being as part of an effort to chart a new path in the digital economy. The project's primary goal is to widen the financial inclusion such that credit lending services can be made available in Latin America before expanding to other parts of the world. 

Ripio is currently offering financial freedom to regions in Latin America that lack banking. The platform sells Bitcoins in local currencies that facilitate online transactions and easy peer-to-peer payments.

History of Ripio Credit Network 

Ripio Credit Network came into being in 2013 backed by BitPagos, the first Latin American Bitcoin payment platform for offering Bitcoin-based financial services. Ripio transformed into a digital wallet in 2014 to provide a way for receiving, storing, sending, and buying Bitcoin in local currencies. 

BitPagos rebranded as Ripio in 2017 as it sought to meet the needs of existential clients. The platform currently supports over 100,000 clients. At inception, a total of 1 billion RCN Token supply were issued with a hard cap of $38.3 million. 

Problems Ripio Aims to Solve

Credit markets don’t reach a fraction of the world’s population. The problem is exacerbated by the fact that lenders don’t have a way to assess the risks in a bid to offer services. Ripio believes it can solve this problem by leveraging Blockchain technology to gather valid and accurate information that lenders can use to offer credit.

Ripio Credit Network uses Smart Contracts and Blockchain technology to connect lenders and borrowers regardless of the currency of use. The parties involved in the Ripio Credit Network include:

Borrower

Makes a credit request and receives a loan in the local currency.

ID Verifier

Verifies borrower’s identity. 

Wallet Provider

Generates a Smart Contract by specifying the terms of the loan. He also receives funds from lenders via credit exchanges and distributes the same funds to borrowers and order agents. 

Scoring Agent

Awards credit scores to borrowers

Co-signer

Acts as a guarantor for borrowers. He or she may act as a local agent in the borrower’s country of residence in the event a borrower defaults. 

How Does Ripio Credit Network Work?

Ripio acts as a peer-to-peer network based on cosigned Smart Contracts. A co-signer acts as a re-insurer that distributes and reduces lenders risk, while at the same time helping improve contract conditions by retaining borrower’s local legal system. 

For any loan request, a wallet provider is required to generate, fill, and sign a Smart Contract and then broadcast the contract to the network. The contract contains information such as interest rate and the number of installment payments the requester needs to make. The contract is then completed with data from an ID Verifier, a scoring agent, and a co-signer.

A lender who wishes to invest in the Ripio Credit Network is required to make a request with a few requirements such as interest rate and due date. 

Ripio Credit Network works by democratizing lending on the Blockchain thereby eliminating the need for middlemen such as banks and other financial institutions. This helps eliminate high loan and transactional fees that are synonymous with traditional lending systems.

RCN Tokens

RCN Tokens power the Ripio Credit Network and are used to facilitate transactions in the network. ID Verifiers get paid in RCN Tokens for verifying borrower’s identities. Scoring Agents also receive the tokens for rating borrower’s creditworthiness. Lenders also require tokens to access the platform.

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Latest Closing Price Open/Close in UTC time

Date Close Price Open price Volume (24H) Market Cap Day's range
Sep 21, 2018 $0.03500 $0.02920 $1,750,079 50,003,699 RCN $13,934,788 $0.02920 $0.03500 $0.03500
Sep 20, 2018 $0.02920 $0.02001 $2,488,073 85,200,347 RCN $14,087,059 $0.01048 $0.02922 $0.02920
Sep 19, 2018 $0.02001 $0.03766 $4,255,440 212,619,407 RCN $13,870,233 $0.02000 $0.03800 $0.02001
Sep 18, 2018 $0.03766 $0.02600 $11,711,498 311,004,550 RCN $16,813,817 $0.02300 $0.03800 $0.03766
Sep 17, 2018 $0.02600 $0.01197 $1,180,910 45,421,354 RCN $10,868,025 $0.01096 $0.02600 $0.02600
Sep 16, 2018 $0.01197 $0.001908 $2,274,687 190,086,454 RCN $12,423,843 $0.001148 $0.01223 $0.01197
Sep 15, 2018 $0.001908 $0.02275 $1,251,168 655,760,811 RCN $11,318,069 $0.0004331 $0.02275 $0.001908
More Ripio Credit Network Historical Data

Ripio Credit Network Exchanges

Exchange Pairs Price Open price Range (24H) Volume (24H) Change Updated
Bitfinex RCN/USD $0.03100 $0.03157 $0.03730
$0.02890
$783
25,253 RCN
-1.79%
$-0.0005660
Recently
YObit RCN/USD $0.00001399 $0.00001399 $0.00001399
$0.00001399
$0
0 RCN
0.00%
$0.00
Recently
More Ripio Credit Network Exchanges