Revuto, a subscriptions management and DeFi micro-lending platform, has concluded a $1.7 million private sale. The round precedes an initial public sale on May 18, the first-ever to take place on the Cardano blockchain. The private round was led by BlackDragon VC alongside a number of leading blockchain and angel investors, with intense demand seeing the allocation filled within a week.
In a statement, BlackDragon said: “Revuto has shown unparalleled growth in a very short space of time and we’re excited to join its team in this journey and support Revuto and its native REVU token.”
The Revuto dApp
The Revuto dApp aims to save people money by leveraging the REVU token, crypto debit cards, stablecoins, and decentralized finance to deliver more efficient subscription management, having already recorded 1 million sign-ups in 14 days through its referral program.
Built using Cardano’s scalable blockchain infrastructure, Revuto will demonstrate the low-cost and high transaction throughput of the network, designed for the on-demand economy. Through a single application dashboard, Revuto allows users to block, snooze, or approve their subscription charges as they occur, earning cashback in REVU tokens. REVU can also be used as collateral for DeFi micro-loans, allowing for more control over recurring payments such as streaming services, utilities, gym memberships, and SaaS.
Beyond its subscription management utility and rewards, REVU serves as a platform governance token, further incentivizing holders to stake tokens, earning a share of protocol fees, and obtaining voting rights on future improvements. This decentralizes control of a platform designed to create a sustainable demand for REVU while providing flexibility for users in managing subscription payments.
Following the private round, Revuto CEO Josipa Majic commented: “We’re grateful to our private investors, including BlackDragon, for believing in Revuto’s team and tech, and for sharing our vision of making crypto spendable in everyday life. Having the right funding and investors that back our long-term vision is crucial, and thus we are delighted to achieve this milestone and are excited for what lies ahead.”
She went on to add: “With a large community having assembled around Revuto already and registered their interest in participating in the REVU token sale, the stage is set for a successful launch of the Revuto app. This will bring crypto-powered subscription payments to a global audience, giving digital assets the same utility as fiat currency.”
REVU Token Sale
The private round precedes two early bird public token sales running from May 18-21, followed by a further community sale commencing on May 22. Each sale allocation has an increasing REVU token price and decreasing vesting period, fulfilling the aims Revuto set out in its whitepaper for a fair launch.
Following the public sale, REVU tokens will be made available for trading in the Revuto dApp via an initial REVU/ADA liquidity pool, with more pairs upon exchange partnerships. DEX trading on the Ethereum network will also be enabled via the Revuto ERC20 converter, followed by liquidity on Cardano DEX platforms as they come online.
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Source: https://www.newsbtc.com/news/company/revuto-raises-1-7m-in-private-round-to-deliver-subscription-management-platform-on-cardano/
