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CryptoBuy REN

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REN

About REN

REN is a cryptocurrency that powers the RenVM protocol, a network that gives its users access to permissionless interblockchain liquidity across a range of decentralised applications. 

Initially established by Taiyang Zhang, co-founder of crypto hedge fund Virgil Capital, REN completed its initial coin offering in 2018. The RenVM network launched in May 2020.

The network aims to create an ecosystem that enables users to transfer any token across different blockchains. Smart contracts utilised on the network allow users to access any token from any blockchain without any wrapping/unwrapping. Because transactions are only accessible by private keys, users can safely exchange crypto assets without moving market. 

As far as the RenVM platform’s biggest differentiating advantages, those would be computational ability and storage capacity. A quick summary: the RenVM protocol functions through a network of virtual computers, or darknodes; they power universal interoperability. That’s the ability to send any asset from any chain to any other chain, connecting a range of decentralised applications particularly in the fast-growing realm of Decentralised Finance, or “DeFi.” The DeFi banner hangs over a huge space. One major subset of DeFi, for instance, are Decentralised Exchages (DEXs); and there’s a large subset of DEXs, automated market markers (AMMs). This type of technology decentralises, and thus displaces traditional intermediaries (collecting tolls) in the world of finance.

The REN coin acts as a bond for these darknodes. To that end, each darknode, to be operational, requires a bond: 100,000 REN tokens. The operators of the darknodes are compensated with fees for contributing computational power and storage to the network. (Users of RenVM pay the fees). The bonds protect and validate the darknodes while simultaneously guarding against malicious activity.

What is the price of REN?

Trading around $0.53 towards the end of January, REN has enjoyed a remarkable 568.85% gain since its inception in early 2018. The token has participated in the broad crypto rally beginning around the end of November 2020, reaching an all-time high of $0.78 on Jan 20. 

Since hitting, in November 2018, a bottom (of $0.016), the token has rallied an astounding 3357.2%. REN’s inherent utility facilitating cross-blockchain financial activity has fueled its price momentum, as more DeFi apps incorporate the network.

REN can be bought and sold from a number of exchanges; its 10-day average daily trading volume as of late January 2021 hovered at about $180 million. REN has a market capitalization of roughly $500 million, putting it 68th among the largest digital assets based on market cap. 

The supply of REN tokens is limited to 1 billion. 

Is REN viable as a long-term investment? If it gains more adoption within the DeFi ecosystem, demand for REN could increase. Believers in the possibilities of cross-blockchain could find that there is a bullish case to be made. The disruptive force of DeFi – applications continuously reinventing financial services – lending, trading, securitizing – various apps could eventually converge abetted by universal interoperability such that potentially hundreds of DeFi protocols conceivably could wind up harnessing RenVM to expand their reach.

How to buy REN

With Uphold, you can set up an account, verify your identity and buy crypto with ease.

Here is how:

1. Go to Uphold.com and click ‘Sign up’

2. Enter your email address, phone number and your personal details

3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)

4. Verify your identity by providing an ID document and taking a ‘selfie’

… and you’re off to the races!

Just start trading.

Open an Uphold account

You should be aware that the risk of loss in trading or holding cryptoassets can be very high. As with any asset, the value of cryptoassets can go up or down and there can be a substantial risk that you lose all your money buying, selling, holding or investing in cryptoassets. Our cryptoasset services are not within the scope of the UK Financial Ombudsman Service and your cryptoassets are not subject to protection under the UK Financial Services Compensation Scheme. You should carefully consider whether trading or holding cryptoassets is suitable for you in light of your financial condition.

Uphold Europe Limited (FRN: 900577) is registered under the Financial Conduct Authority’s Temporary Registration Regime for cryptoasset firms and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The purchase, sale and custody of cryptoassets is regulated by the FCA for anti-money laundering purposes but this does not indicate any approval by the FCA of Uphold’s cryptoasset activities. Uphold Europe Limited is also an EMD agent of Optimus Cards UK Limited which is authorised and regulated by the Financial Conduct Authority to issue e-money (FRN: 902034) pursuant to the Electronic Money Regulations 2011. 

The e-money services are regulated by the Financial Conduct Authority. E-money is not a deposit or investment account which means that your e-money will not be protected by the Financial Services Compensation Scheme. User funds will be held in a designated safekeeping account with a regulated financial institution. E-money will not earn any interest. Additional Risk Warning in Uphold’s Terms & Conditions.

This content is correct as of September 2021

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