Bitcoin startup Ripio has raised $31 million in an advanced sale for a forthcoming blockchain network.

Formerly known as BitPagos, the Argentinian startup is raising the funds to build what it calls the Ripio Credit Network, which will utilize as an ethereum token as a medium of exchange between lenders and borrowers. Ripio is now planning to launch the next phase of its sale on October 24, and the concept has drawn a notable cast of backers.

Investors in the pre-sale included FBG Capital, early ethereum advisor Steve Nerayoff (as well as his venture firm Maple Ventures) and Blocktower Capital, among others. According to Ripio, participants were drawn from various parts of the world like Russia, South Korea and Canada. 

"We are extremely excited, that our pre-sale campaign was supported by both leaders of the blockchain industry and individual investors from all over the world," Ripio co-founder and CEO Sebastian Serrano said in a statement. "Our goal is to widen financial inclusion by extending credit lending globally, and for implementing it we have to have supporters worldwide."

Recent months have seen several notable presales – an increasingly common tactic in the initial coin offering (ICO) process seen today – including $52 million raised by Filecoin and $50 million raised by messenger app maker Kik for its Kin cryptocurrency.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripio and invested in the Filecoin pre-sale.

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