Chinese peer-to-peer crypto lending company and provider of wallet RenrenBit announced the size of their income. The company’s net profit amounted to $600 000 from gross income the $2.3 million received in 2019.
The startup, founded by well-known Chinese exchange trader Zhao Dong (Zhao Dong), which is also an investor exchanges Bitfinex and Binance, published on Monday an informal statement of income. Such reporting is part of the commitments undertaken by the company after a $21-million initial offering of coins, held last year.
In addition, the team of 35 participants published informal balance, which shows that as of December 31, contain in their wallets, about $168 million of customer assets, which amounted to 70% of its liabilities.
While earnings may seem low, the growth rate RenrenBit for the quarter correspond to the General improvement of conditions on the cryptocurrency market in 2019.
The company reported a profit of $1.4 million in the fourth quarter of 2019, more than four times higher than in the first quarter. Similarly, in the last quarter profit was $640 000, despite the fact that for the first three months of last year, net loss amounted to about $175,000.
RenrenBit founded in November 2018, performs brokerage between lenders and borrowers who want to take Chinese yuan or crypto-currencies with other digital assets as collateral. The company earns money by charging about 15% of the profits from each loan.
In addition to the support of lending from user to user, RenrenBit also borrows from private capital. As at 31 December, the company had approximately $64 million in outstanding loans.
In your mobile app startup offers trading crypto-to-crypto, and the yuan-to-crypto. He appeared as part of the business of the cryptocurrency loans, which is steadily growing in China and around the world.
In July, the company RenrenBit spent his token on the basis of RRB ERC20, collecting $21 million in starlaine Tether (USDT). RRB operates the same as the token BNB Binance. They can be traded, it is also used for payment of fees for transactions on RenrenBit.
At the beginning of last year, the company also raised $3 million in financing round series And with the support of investors such as Dragonfly Capital and cryptocurrency exchange Bitfinex.