Revuto Closes $1.7M Private Round Ahead of Public Sale
The blockchain startup is the first dApp on Cardano and features a native Revuto Virtual Debit card for paying subscriptions with Cardano-native tokens.
Revuto, the blockchain ecosystem optimized to save users money on subscriptions, has just raised $1.7 million in a private round. The blockchain startup is the first dApp on Cardano and features a native Revuto Virtual Debit card for paying subscriptions with Cardano-native tokens. The Revuto app will support all recurring payments and has been designed to handle high transaction volumes at low cost.
Reinventing the Subscription Economy
The subscription economy is booming, but with so many moving parts, users often find themselves in a tailspin of payments they are unaware of or unable to manage. Thanks to Revuto, there is a dApp that will restore some sanity to this rapidly-evolving ecosystem.
The startup’s native token, REVU, is distributed back to users for utilizing Cardano-native tokens to pay subscriptions. The REVU token can be staked to earn yield, allowing users to get a loan in stablecoins to pay for subscriptions as well.
REVU will serve as the primary tool of the Revuto ecosystem which is based on micro-lending and borrowing to give users value back from their subscription services. REVU also acts as a governance token through holding and unlocks various features and benefits within the dApp.
Blockchain VC Leads Private Round
The private round concluded before Revuto’s public sale on May 18 was led by BlackDragon Venture Capital. The round lasted a week with many investors desiring a place in Revuto’s vision of bringing blockchain accessibility to a non-crypto literate market while onboarding crypto natives onto the Cardano ecosystem.
BlackDragon commented: “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.”
More information on the Revuto public sale can be found here. The May 18 event is the first of two Early Bird sales which will comprise 11% of all of tokens being issued.
Revuto will hold 53% of the supply, as 6% has been sold in private round fundraising, 26% of the tokens will be available in early bird and community sales, and the remaining 15% will be held by the team and advisors. The total supply of REVU will be hard-capped to 280,125,000.
REVU trading will be available in the Revuto dApp through integrations with crypto exchanges and will only be available in the REVU/ADA pairing. Once implemented, Revuto’s native ERC20 converter will bring wrapped REVU (wREVU) to the Ethereum network, allowing users to trade it on decentralized exchanges like Uniswap or SushiSwap.