Where to Buy Raiden Network Token (RDN)

Raiden Network Token (RDN)

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How to Buy Raiden Network Token (RDN)

As the popularity surrounding blockchain transactions grow, so does skepticism about its ability to scale and still remain both fast and cheap. Enter the Raiden Network Token.

The Raiden Network is an off-chain transfer network that supports all Ethereum ERC20 tokens. Operating as an alternative to the blockchain, it provides a fast, scalable and cheap way for direct transactions.

The Raiden Network is already up and running, and transfers can be sent immediately to any participant in the network via a routing mechanism.

What makes this crypto unique?

Blockchains run into some issues with scalability, latency and cost. With the Raiden Network, you can expect:

  • A payment system that scales to the number of users
  • Transfers to be sent at the speed of a text message
  • Lower transfer fees than traditional blockchains

Now, let’s figure out how to buy some Raiden Network Token.

Open Up A Coinbase Account

The first step is to buy some Bitcoin or Ethereum from Coinbase. If you’re running into trouble, try purchasing the coins from Coinmama — the steps will be the same. If you already bought BTC or ETH, you can move on to step 2.

Set Up A Binance Account

Next, you will head on over to the cryptocurrency marketplace and use your BTC or ETH to purchase other coins such as Raiden Network Token. While RDN can be purchased in other marketplaces as well, we’ll be using Binance in today’s example. Open up an account and proceed to step 3.

Send BTC or ETH to Binance

This is the part that stumps some people. Basically, we need to move our BTC or ETH from our Coinbase wallet to our Binance wallet. Here’s a breakdown of how we’re going to do that:

  • Tap “Wallets” on Binance
  • Look for “BTC” or “ETH”
  • Press “Deposit”
  • Select and copy the address string
  • Open up Coinbase again
  • Click on the “Accounts” tab on Coinbase
  • Find your BTC or ETH wallet & select “Send”
  • Place the Binance wallet address into the Coinbase recipient address bar
  • Select the amount and press send!

If you’re a bit confused, here are some screenshots that help illustrate the process using ETH as an example:

Purchase Raiden Network Token (RDN) on Binance

Once you have your BTC or ETH in your Binance wallet, you’re going to use the coins to purchase RDN. Move over the “Markets” tab and locate the BTC/MOD or ETH/MOD market. Finally, you will be able to name your price per coin, how much you want to buy, and then purchase!

Here is a screenshot that details the process:

Calculate & Keep

Now that you have some RDN, it’s up to you to decide what you want to do with your new cryptocurrency. Some opt to let them sit in their wallet while others decide to go back to the marketplace.

 

Is that the last step?

Yes! If you have any additional questions, please don’t hesitate to send them to the chat window on your right.

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