Remitano

Remitano is a peer-to-peer cryptocurrency exchange that launched in 2014 under Babylon Solutions Limited, incorporated in Seychelles. Founded by Dang Huynh, the platform was built around a practical premise: in markets where centralized exchanges offer limited local payment rails, direct person-to-person trades protected by escrow can bridge the gap. Today it serves approximately six million users across more than 50 countries, with particularly deep penetration in Nigeria, Ghana, Vietnam, and Malaysia.

How It Works

Remitano's core mechanism is escrow-backed P2P trading. A seller posts an advertisement specifying price, available quantity, and accepted payment methods. When a buyer accepts the offer, Remitano automatically locks the seller's crypto in escrow. The buyer then sends fiat payment directly to the seller through the agreed channel — bank transfer, mobile money, or another local method. Once the seller confirms receipt, the escrow releases the crypto to the buyer. Neither party ever holds the counterparty's funds; Remitano acts solely as the neutral escrow agent throughout.

This design addresses two problems common in emerging markets: limited access to mainstream on-ramps like credit cards or wire transfers, and the trust gap between strangers transacting pseudonymously online. With more than 80 fiat currencies and 50-plus payment options supported — including mobile money services common in West Africa — Remitano reaches users that many global exchanges do not.

Products Beyond P2P

Remitano has extended beyond its P2P roots into several adjacent products.

Crypto Swap — A simplified exchange tool that lets users convert between supported assets at a 0.25% flat fee, with integrated TradingView charting for price context.

Lending and Borrowing — Users can lend crypto holdings to earn yield or borrow against existing assets.

NFT Platform — A marketplace for buying and selling NFTs built around the Remitano ecosystem.

Liquidity Pools — Passive yield opportunities for users willing to contribute liquidity to the platform's DEX infrastructure.

The exchange supports roughly 40 cryptocurrencies across approximately 220 trading pairs, including Bitcoin, Ethereum, Tether, Litecoin, XRP, Cardano, Chainlink, and BNB.

Fee Structure

P2P fees follow an asymmetric model: the advertiser (maker) pays 1%, while the taker — the person accepting an existing offer — pays nothing. Crypto swaps carry a flat 0.25% fee for both sides. Deposits are free; withdrawals vary by asset and network.

Users who hold RENEC, the platform's native token, receive discounts on swap fees — up to 20% off on select pairs — giving the token a concrete utility layer within the trading interface.

RENEC Token and Blockchain

Remitano launched RENEC (Remitano Network Coin) in 2021, with the blockchain genesis occurring on October 14, 2022. Rather than building on an existing Layer 1, the team developed an independent chain described as a third-generation blockchain architecture, designed for high throughput and fees quoted as low as $0.000005 per transaction, without requiring Layer 2 or off-chain scaling solutions.

RENEC serves as the native gas token for the Remitano Network. Its intended use cases span three areas: low-fee decentralized P2P cash transfers with multisig support, a decentralized token exchange, and decentralized escrow services. The token is distributed to users through an engagement-based model, with verified users earning small amounts of RENEC per hour depending on their account level.

As of mid-2026, RENEC has a circulating supply of approximately 35.9 million tokens against a total supply of 81.3 million, with a market capitalization around $1.25 million. The blockchain has been audited by Verichain and Hacken for third-party security validation.

Solana Ecosystem Connection

While the RENEC blockchain is independent, the project has established cross-chain reach through wrapped tokens. Wrapped RENEC exists as a Solana Program Library (SPL) token, alongside parallel wrapped versions on Ethereum and BNB Chain. This lock-and-mint bridge design allows RENEC holders to move value into Solana without leaving the token's native supply on the RENEC chain. For Solana participants, the wrapped RENEC SPL token provides on-chain access to Remitano's native asset through Solana-based DEX infrastructure.

The cross-chain architecture reflects a deliberate expansion strategy: the RENEC Foundation aims to make the token accessible to traders across multiple ecosystems rather than siloing value within one network.

Security History

In September 2023, Remitano suffered a hot wallet breach estimated at approximately $2.7 million across multiple cryptocurrencies. The exchange did not issue an official public statement confirming full user compensation, which drew criticism from security researchers and exchange review publications. The platform does not publish Proof of Reserves and does not carry deposit insurance.

Standard user-facing security features include two-factor authentication and biometric login on mobile. The absence of PoR and the unresolved communication around the 2023 hack are material risk factors for users evaluating custodial exposure on the platform.

Team and Background

The exchange was founded by Dang Huynh, who operates from Vietnam. The parent entity, Babylon Solutions Limited, is incorporated in Seychelles. Remitano's regional go-to-market strategy — with deep integrations for Nigerian Naira, Ghanaian Cedi, Vietnamese Dong, and other local currencies — reflects a leadership team focused on underbanked market access rather than competing with full-service global exchanges on feature breadth.

Market Position

Remitano is most accurately described as a regional on-ramp specialist. The exchange restricts access in Australia, Canada, France, Japan, Malaysia, the Philippines, Singapore, and the United Kingdom, underscoring a deliberate focus on markets where P2P access fills a genuine gap in financial infrastructure. For Solana ecosystem participants, the primary point of contact is wrapped RENEC as an SPL asset and the exchange's role as a fiat-to-crypto gateway for users in West Africa and Southeast Asia who may bridge into Solana-native DeFi.