BTCC announced on Monday that it is planning to relaunch its exchange business with a plan to issue its own tokens. It is one of the longest- running and part of three major trading platform in China.
Currently, the BTCC crypto exchange is up and running with new trading pairs including BTC, BCH, ETH and LTC against the US dollar. Besides it also uses crypto-to-crypto trading options.
According to the plan to renew its business, the china based crypto exchange, said that it will be rewarding users. Therefore, with points system on signing up, completing ID verification and continuing trading. Therefore, the rewarded points can be converted into BTCC’s own tokens that further can be used on trading platform, company explained.
Although there is no specified timeline of issuing the tokens but the company said that it will be launching in the next two months. Further, the company also indicated that the allocation of points will be on a limit-line. And still it is not confirmed on what ratio and how the points can be transferred into a token in coming days.
In addition, the BTCC crypto exchange is also planning to add major crypto assets which will be avail to listing more ERC-2o based tokens.
Moreover, the decision to relaunch comes after a year when BTCC suspended Chinese yuan trading against bitcoin in September 2017. Accordingly, while People’s Bank of China’s clampdown on ICOs and fiat-to-crypto exchange.
Tendai Musakwa, BTCC’s marketing director said:
“When China banned all the bitcoin exchanges, that was a significant blow to us, because a significant part of our business came from our Chinese exchange”.
With the regards to that, Aaron Choi, BTCC’s vice president of international business said since BTCC will have a zero trading fee in the first three months from now on. It is more likely to giveaway instead of mining at the beginning.
“The (trans-fee mining) model draws a lot of attention at the moment. … But there’s still a business risk so our management is reviewing this model how it can sustain in a long term. So giving away points for trading that can be convert into our token in the future is what we think makes sense for now”.
Presently, the exchange, the Mobi Wallet and the mining pool are the main areas where BTCC business is operating. Recently, in the month of January, 2018 the company was acquired by Hong-Kong based Blockchain capital.
Image Source: BTCC