Rate raises USD 15 mln for blockchain cross-border payments

The company’s initial coin offering, which ran from 16th of April to 22nd of May 2018, hit its target of 25,000 ether. Open to the public as well as private investors, the initial coin offering saw participation from Matrix Partners China, Node Capital, and FBG Capital.

Rate3 aims to build a global ecommerce payments ecosystem to help merchants, suppliers, and consumers cut down on transaction costs and lead time needed to process cross-border payments.

For overseas buys, consumers usually pay around 2-4% in transaction fees on top of the purchase amount. In a PayPal transaction, for example, these fees are paid by either the sender or recipient. The charges cover extra costs involved in processing multi-currency payments, according to PayPal.