ExchangeNews

Oldest Chinese Bitcoin Exchange BTCC to focus on the international market

BTCC, the oldest Chinese bitcoin exchange is now aiming to make cryptocurrencies accessible globally. This news comes after Hong Kong-based blockchain investment fund acquired BTCC.

The move also comes after BTCC closed operations in China due to new regulations against cryptocurrencies.

According to BTCC’s press release, the company will now focus on three significant markets spheres in the international markets. These are the Mobi wallet software, the global BTCC Mining Pool, and its cryptocurrency exchange. The three will be led by Denver Zhao, Mark Ma, and Aaron Choi, respectively according to the announcement.

The advisor for the yet-undisclosed investment fund, Calvin Cheng expressing his excitement about their acquisition of the oldest Bitcoin exchange. He says they were “pleasing” by the opportunity.

Also Read: Chinese Exchanges Migrating to crypto-friendly countries

Bobby Lee, Co-founder of BTCC expressing his confidence for the future after the deal. He said he was “very excited about the resources this gives BTCC to move faster and aggressively grow [its] businesses in 2018 and beyond.”

BTCC mining pool now accounts for about 3.2 percent of Bitcoin’s hashing power. Its trading volumes for USD/BTC on the BTCC exchange was $103 million in the last 24 hours. This makes it the eighth largest globally. They traded over $25 billion worth of Bitcoin previous year while its mining pool generated $900 million value of Bitcoins in the same year.

The successes came even as the company faced an uphill battle to efficiently grow after ouster from their homeland base in Shanghai, China in September. It is due to the complicated decision by the Chinese government to ban crypto trading in the country.

However, the company has since set up a base of operations in Hong Kong and will have the capital to continue its brand remake. Thus, it is now licensed in the U.K.

Read Next: BTCC founder Bobby Lee confer China’s Bitcoin Exchange Ban and Segwit2x
Tags
Show More

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

six − 1 =

Back to top button
Close