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With its IDO, RioDeFi is bringing INR banking to the RioDeFi ecosystem

Visualize a payments ecosystem that builds bridges between digital asset services and the traditional finance universe. That’s exactly what RioDeFi is creating, with Riochain at the heart of this ecosystem. It stands to become one of the leaders in cross-chain DeFi services and is built on Parity’s Substrate framework and interoperable with the Polkadot network.

Which is why, with its closely anticipated IDO on Uniswap, RioDeFi now seems to be building a bridge to India.

RioDeFi sees India as a key growth market. This is because of the boom of the Indian crypto ecosystem, with reports suggesting that cryptocurrency utility has seen a 10x growth and a 400% uptick in users on exchanges in the region. Alternative payment methods have witnessed a surge, which has been fueled by the reversal of the banking ban on crypto by the Indian Supreme Court in March 2020. India is quickly becoming a big market for digital assets, due to the expansion of the use of mobile technology alongside an interest in alternative asset classes. RioChain is set to be the preferred blockchain ecosystem for India developers and users alike.

RioDeFi’s Vision on Financial Flexibility

For RioDeFi’s India vision, it simply addresses one of the most floundering statistics about the country. This statistic presented by the World Bank states that India has nearly 190 million people unbanked. This is where RioDeFi’s solution comes in, and it aims at providing greater accessibility, transparency, connecting blockchains to digital banking services, and financial inclusion for the masses, aided with smooth user experience.

This RioDeFi ecosystem will provide India access to a host of services like digital asset lending, borrowing, staking, and trading in a super-platform. This super-platform will encompass RioDeFi’s native payment and wallet services, as well as open-source developer initiatives that can be incorporated in the ecosystem.

RioDeFi: The Way Ahead

The booming Indian market has been offered a plethora of solutions for a massive development requirement. It’s off to a buoyant start, being one the largest blockchain developer bases leading the decentralization revolution. However, most of the development is still taking place on mainstream platforms such as Ethereum. Concerning its current standing, it serves as a massive roadblock to many Dapps building and being developed in the ecosystem.

RioChain, RioDeFi’s protocol, is set to act as the primary source for the distributed DeFi across networks, paired with its unique cross-chain compatibility. It is an enthusiastic and energetic kickstart as the RioFuel (RFUEL) Community Crowdsale has over 65 million USD committed to the public sale exclusively. In other words, it is over 10 times oversubscribed. There has been a strong interest in RFUEL from OM holders, who are members of MANTRA DAO. The latter has been the first project to be developed on RioDeFi’s Substrate framework. It has certainly captivated the attention and interest of Indian users.  

An exchange, wallet, and Dapps are some of the INR based services that will be provided by the RioDeFi ecosystem. Additionally, RioDeFi is also working to offer INR focussed financial infrastructure services for developers wanting to build their businesses on RioChain. This has been in a joint effort with the team at Vauld (formerly Bank of Hodlers).

In the words of Darshan Bathija, the Co-Founder at Vauld – “RioDeFi can solve a lot of the problems associated with banking and the crypto world. They make banking with cryptocurrencies affordable, reliable, and fast. We’re very excited to be working closely with their team.” 

A remarkable alternative for the budding developer community is being provided through building on RioDeFi’s robust Polkadot-enabled ecosystem. This is creating and ensuring greater flexibility of network utilization and is set to bypass some of the industry’s pain points, such as high gas fees.

The CEO at RioDeFi, James Anderson, believes that this decentralized future for India’s population is a milestone in the company’s journey: “India is the world’s fastest-growing major economy, yet its financial and payment infrastructures are still underdeveloped, especially compared to neighboring China. DeFi solutions seem ideally suited to service the Indian people, and I believe RioDeFi will play a major role in expanding the reach of blockchain and cryptocurrencies there. Partnering up with Vauld is a major milestone on our way to achieving this vision.”

The RFUEL Initial Dex Offering on Uniswap

RioFuel token (RFUEL) listed on Uniswap this Monday.

Built on Ethereum, Uniswap is a fully decentralized protocol for automated liquidity provision. It has brought remarkable improvements and changes to cryptocurrency trading and has served as a catalyst for the recent rise of DeFi projects.

It is only natural for RioDeFi to make its native token available for the first time on this platform. Its core mission, after all, is to foster the mainstream adoption of blockchain-based financial services.

RFUEL trading commenced at 8.30 am UTC at an initial price of $0.20. Participants have to input the RFUEL contract address to access the token. This is available on the RioDeFi website.

About RioDeFi

With RioDeDi, the vision is to build a future where everyone has access to decentralized financial(DeFi) services. RioDeFi is developing solutions that focus on connecting banking institutions with blockchain systems. Its applications claim to pack in exclusive features that include lower transaction fees, faster confirmations, more efficiency, better returns for savings account holders, and global reach.

RioDefi has partnered with India’s premier marketing solutions provider, Blockwiz, to strengthen their brand and community in India.

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