(January 14, 2021, Korea) — RAI Finance, a blockchain-based cross-chain swap protocol, had its community pre-sale of around 100,000 USDT which sold out in less than a minute on the Korean community platform Cobak.
Despite being open to only Korean Cobak users, the token sale period was supposed to be open for a week from the 13th, but the sale ended less than a minute after it opened. According to Cobak’s announcement, the sale was oversubscribed by about 647% since a total of 174 investors participated in the sale and were willing to invest at least 647,667 USDT. However, only 26 of them succeeded in participating in a first-come, first-served basis.
“We are happy to successfully finish the Rai Finance Sale since the reorganization,” said Lee Jung-hoon, sales director at Cobak. “As we introduced the Polkadot-based project, we want to continue to work on expanding the cryptocurrency ecosystem.”
RAI Finance is a protocol that provides a cross-chain swap function based on the Polkadot blockchain. For the issuance and transaction of various assets within the protocol, Rai Finance will integrate with Polkadot and its parachain capabilities.
Rai Finance has successfully attracted private investment from top global crypto funds such as NGC Ventures, GBIC, and Alphabit previous to this community sale on Cobak.
“We are very happy to successfully finish the public sale at the beginning of the year, following the private sale that started late last year,” said Lee Keon-ho, CEO of Rai Finance. “We are currently improving the product through the test version that we are working on and preparing for the official launch.”