Ripio Credit Network (RCN)

Ripio Credit Network (RCN) is the system of global crediting on a blockchain through technology of smart contracts.

On September 21, 2017 the Ripio company (before BitPagos) announced a project startup of Ripio Credit Network. A system is aimed at increase in transparency and reliability of crediting, allows to establish connection between creditors and borrowers in any places in the world regardless of currency. The project is focused in emerging markets including on Russian.

Project Objective

Ripio Credit Network (RCN) is the protocol based on smart contracts and blockchain technology, created by Ripio company. Start of RCN is intended to make crediting more available to a general population, to reduce bureaucracy and to expand possibilities of the existing decentralized platforms using portfolio diversification of the creditor and risks mitigation in case of failure to pay a debt.

The purpose of start of RCN also is reduction of traditional bank costs and the commissions for management charges and providing more comfortable conditions both for creditors, and for borrowers, creation of an alternative to the credit tools existing in the market.

How it works

RCN is based on the ERC20 Ethereum standard, tokens of RCN are necessary for access. The network works at smart contracts that allows to connect borrowers, creditors and guarantors. Creditors and borrowers are connected through tokens of RCN, and the guarantor undertakes to provide the sufficient volume of credit operations for forecasting of return of investments, debt management in the country of accommodation of the borrower and receiving money on debt obligation in case of a default.

Support of RCN is provided Tim Dreyper, Digital Currency Group, Boost VC, Pantera Capital, Fenbushi, by Huiyin Blockchain Ventures and Overstock (Medici Ventures) and other investors.

During our long way to integration of a blockchain to the financial industry, we always aimed to create the decentralized and credible global network which is able to afford to implement many ideas and projects around the world" — Sebastian Serrano, the CEO and the cofounder of Ripio International explained.

Start terms

Start of the platform is planned for November, 2017.