BTCC Acquired by Hong Kong-based Blockchain Investment Fund
On January 29th, China’s first domestic Bitcoin exchange, BTCC, formerly known as BTC China, was acquired by an undisclosed Hong Kong-based blockchain investment fund. Founded in 2011, the company plays a leading role in every segment of the Bitcoin ecosystem, offering a digital currency exchange, mining pool, and consumer wallet. “Today’s acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years,” said Bobby Lee, the co-founder of BTCC in the company’s press release.
Perpetuated by China’s Regulatory Crackdown
The Chinese regulators’ aggressive crackdown on cryptocurrency trading and exchanges throughout 2017 has led the company to pivot away from China. The regulators’ strict surveillance on cryptocurrency trading and transactions, the imposition of trading restrictions, plans to curb power usage of Bitcoin miners, banning certain cryptocurrency exchanges and declaring ICOs illegal, and targeting online pyramid schemes for cryptocurrency, have led many of the major exchanges in China to re-locatethemselves in friendlier territories.
What Lies Ahead for BTCC?
The acquisition would allow BTCC to focus all its attention on its international markets, to move faster and to aggressively grow their businesses in 2018 and beyond. BTCC officials said the company will now focus exclusively on the international market and its three major products — BTCC Pool, Mobi, and USD Exchange, which will be led by Denver Zhao, Mark Ma, and Aaron Choi, respectively.
· Launched in October 2014, the BTCC Pool is the most reliable and transparent digital currency pool, offering low fees, and guaranteed payments. The segment of the business boasts 100% transparency in reward distribution, and of having maintained a 99.999% uptime since it was launched. It appears amongst the biggest mining pools (see image above) accounting for 3.3% of the total hash rate and 21 known blocks.
· Introduced in March 2017, BTCC Mobi is a digital wallet app that allows storage, conversion and the transfer of more than 100 currencies, including Bitcoin, Litecoin, Ethereum, and Bitcoin cash. The wallet is available in 15 languages and is used in more than 180 countries.
· BTCC Exchange is a BTC/USD exchange from the company behind the longest-running bitcoin exchange in the world.
“Humbled to Acquire BTCC,” – Cheng
Meanwhile, an advisor to the acquirer, Calvin Cheng, said, ““We’re humbled that we were able to acquire BTCC — the company has an unparalleled brand and reputation, and we look forward to taking it greater heights of success internationally.” Cheng is a former Singaporean parliamentarian and a World Economic Forum Young Global Leader.