Binance now holds all of Kenetic Capital’s RNDR holdings. The remaining 4.1 million RNDR (about $20.4 million) from the venture capital business should be sold soon.
One of the world’s leading cryptocurrency exchanges, Binance, has received a deposit of Render (RNDR) tokens valued at around $20 million from digital asset-focused proprietary trading and venture capital company Kenetic Capital.
According to Spot On Chain’s statistics, the biggest institutional holding address for RNDR, Kenetic Capital, deposited the last 4.1 million RNDR (about $20.4 million) into Binance on February 14.
On December 24, 2023, the venture capital company spent almost $32.5 million, or 6.6 million RNDR. The institutional business reportedly made $15.95 million via RNDR, according to digital asset community writer Colin Wu.
However, according to statistics from CoinMarketCap, the price of RNDR has increased by 1.2% during the last 24 hours. The cryptocurrency’s market valuation is $2.6 billion, and its trading volume has doubled in that time.
One such Ethereum-based distributed GPU rendering network is Render (RNDR). The network’s stated goal is to facilitate the rental of graphics processing unit (GPU) capabilities from digital asset miners to creative studios and artists in need of GPU computing capacity.
Reports citing data from blockchain research tool Lookonchain state that between November 2021 and November 2022, Kenetic Capital purchased 4.8 million RNDR coins from Binance and HTX. As a whole, the tokens cost $3.72.
The deal included the return of 2.5 million RNDR tokens to Binance, valued at $4.67 each. In the midst of bankruptcy proceedings, FTX, which also possessed RNDR, recently sold a large portion. Lookonchain reports that in order to pay off their creditors, FTX and its sister company, Alameda, sold a variety of assets, including 974,270 RNDR.
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