What is Rand and its RND token?

What is Rand? Rand is a Spanish fintech that aims to transform the way users can boost their savings using cryptocurrencies. To this end, Rand makes available a series of products and services that will help achieve this goal.

This company was founded in 2021 by Pol Martín (CEO), Oriol Segundo (COO) and Sergi Fernández (CTO). All of them united by the vision of innovating in a sector as relevant as personal and institutional savings. To achieve this, they have had the support and support of prominent investment funds in Spain, among which Inveready, JME Ventures and Data Ventures stand out.

During the development of Rand, other companies in the sector have joined forces, such as Outlier Ventures, an entity recognized for its specialized focus on Web3, as well as a series of investors and exchanges, including DFG, Primal Capital, Telefónica, Wayra, Automata, MEXC, LongHash and Faculty Group.

All of this has allowed Rand to officially become a fintech with formal registration for Custodian and Exchange by the Bank of Spain in 2022. Thanks to this, Rand has been able to start its operations in 24 countries of the European Union, also having more of 10.000 registered users and managing assets for more than 30 million euros per month. A success that is based on the proposal of products and services designed for savers.

Services offered by Rand

Currently, the company offers access to three products: Earn, Prize and Pro.

Earn, generating rewards with your cryptocurrencies

One of the best-designed services for savers within Rand is the Earn account. This is a high-profit product that offers an annual return of 5,00% APY (as of today) and uses the USDT (Tether) stablecoin as a base. Earn offers its users the following advantages:

1. It allows users to access an exchange service between EUR and USDT.
2. It offers a currency hedging service between EUR and USD, so the user does not have to worry about fluctuations between the price of EUR and USD.
3. It allows you to generate rewards daily according to your participation in the account.
4. Earn has no deposit limits and the capital is available immediately.

Prize, accessing weekly prizes

Prize is the second service that is available on Rand. Prize rewards users who participate in a weekly draw, which takes place every Friday and in which the winners (25% of all participants) take home the rewards generated by the total capital of the participating users. In this way, Prize gives its users an exciting opportunity to randomly win a much larger prize.

This dynamic is designed so that users with more modest amounts have the possibility of obtaining returns significantly higher than 5% APY. In the case of this account, the profitability can vary in a range between 0% and 99% APY. Among the characteristics of this service are:

1. It offers all users the exchange service between EUR and USDT.
2. It offers currency hedging service between EUR and USD, so the user does not have to worry about fluctuations between the price of EUR and USD.
3. All returns generated are drawn randomly every Friday among all participants.
4. The number of prizes varies each week to ensure that each week, 25% of participants receive a prize.
5. Only the returns are drawn, so if you don't win, you always keep the initial capital.
6. There are no maximum or minimum limits, and the capital is available immediately.

Current account, a more traditional service

The third service offered by Rand is access to a checking account. This is possible thanks to the intermediation of Pecunpay Cards, an Electronic Money Entity supervised by the Bank of Spain, and through which Rand provides an individual current account service aimed at all users of the platform. Below are the details that this account makes available:

1. Users will have a unique Spanish IBAN for each user.
2. Ability to deposit money through direct debit or transfer.
3. Ability to deposit money from a debit or credit card.
4. Send and receive transfers and direct debits using an IBAN number identifying the user's account.
5. All of the services mentioned above are accessible from the Rand mobile app, available on the App Store and Google Play.

Rand Pro, a premium service at your fingertips

Finally, and as happens in many fintechs, Rand offers its users access to Rand Pro, a premium service with which users can access additional benefits for using Rand products. Rand Pro is planning to offer improvements in rewards, commission reductions in the use of the services offered, priority support and early access to new products.

The curious thing about Rand Pro is that there are various ways to access the service, being that it is linked to the tokenomics of the project, and the use of its RND token.

Tokenomics of the $RND token

The RND token will allow Rand a means to grow while maintaining an alignment of its interests with those of its users. To achieve this goal, RND becomes a utility token with an exchange currency role in what is the first tokenized subscription system in Europe.

Basically, RND tokens will allow their holders to gain access to products and services with exclusive advantages, such as those already described in Rand Pro. At the same time, the system seeks to transcend the conventional subscription paradigm, which generally represents an outlay for the user, by introducing a recurring acquisition method for crypto assets.

In this way, users are given the possibility of exchanging a certain amount of euros for RND tokens each month, which helps them keep their Rand Pro benefits active. Through this innovative structure, a unique synergy is established between the interests of the company and the users, transforming the latter into asset holders instead of mere customers making payments.

Token Features

The RND token is a non-representative token of negotiable value, better known as a utility token. The token has the following characteristics:

1. Full name:Rand Token
2. Symbol: RND
3. Maximum supply: 200.000.000
4. Blockchain: Ethereum
5. Standard: ERC-20

Advantages of having RND tokens

With the acquisition of RND tokens, token holders will be able to unlock some Rand Pro functions and benefits. Among them we highlight:

1. Have a better APY in the Earn account: Holders will be able to use their RND tokens to unlock up to 1,5% more APY in the Earn account.
2. Be more likely to win a prize in the Prize account: holders will get an increase in their chances of winning a prize in the Prize account.
3. Get discounts on card deposit fees: Holders who wish to do so will be able to use their tokens to reduce card deposit fees by up to 100%.
4. Obtain discounts on commissions on future investment products: Holders will be eligible for up to a 100% discount on commissions on future investment products in stocks and cryptos.
5. Early access to new features: Pro members will have early access to new features.
6. Have priority support: The Rand support team will always prioritize ticket resolution to Pro members.

Users who use RND tokens to access the benefits of Rand Pro should understand that once used for this purpose, these tokens will be locked for 24 months. Additionally, users have the possibility of acquiring RND tokens for free directly through the application by carrying out actions that contribute to the improvement, strengthening and expansion of the Rand ecosystem.

Other additional benefits

But in addition to all this, having the RND token will also offer some additional advantages:

1. Token Lock Rewards: Users can receive RND tokens by achieving certain achievements on the platform. For example, they can earn them by maintaining a balance of more than €1000 for three months, by inviting a friend, or by generating €5 in returns through products like Prize or Earn. RNDs earned through these achievements are only applicable to the Pro subscription.
2. Automatic purchasing mechanism: If a user has not purchased RND for their subscription, Rand will automatically charge €4,99 to their card at the end of each month. With this amount, the necessary RND tokens will be acquired in the market and will be blocked following the process mentioned above. This mechanism provides that there is always a continuous and recurring demand for RND.
3. Acquisition of RND through milestones in the App: Users have the opportunity to earn RND by achieving important goals on the platform. For example, they will be able to obtain rewards for maintaining a balance of more than €1000 for three consecutive months, invite their friends to join, generate €5 in returns, among other uses.

Use of funds and costs associated with the issuance of the RND token

The funds received from the issuance of the Rand token will be used in different sources to expand the project and strengthen the token. The funds will be distributed as follows:

1. Liquidity pool to help price stabilization. A portion of the capital will be allocated and held for a period of 24 months on various exchanges, both centralized and decentralized, on which the token will be listed for trading. This liquidity reserve will play a critical role in preserving the interests of buyers and sellers, cushioning excessively high fluctuations in volatility.
2. Expansion in more European countries and reinforcement of recruitment in current countries. A portion of the funds raised will go towards Rand's expansion into more European Union countries, in conjunction with a series of strategic campaigns aimed at consolidating his position in the nations in which he currently operates.
3. Development of new investment products. A fraction of the capital raised will be used to achieve the development of the entity's next investment proposal.
4. Human resources for the management of the new vertical for corporate (B2B). The implementation of this new aspect implies the obligation to establish a highly trained sales team, with the responsibility of effectively presenting our proposal and guaranteeing the acquisition of new clients. The work of this team will be essential to clearly communicate the value of the solutions provided by Rand and cultivate strong relationships with potential commercial collaborators.

Sources:

• Website
• Twitter
• Official blog
• Instagram
• project telegram
• Medium