Hong Kong investment group acquires BTCC, one of the biggest bitcoin exchange. The acquisition is a stepping stone to conquer an incredible millstone for BTCC. Bobby Lee, co-founder of BTCC believes that platform will witness a growing shift in this year and beyond. BTCC aims to expand its business throughout world-wide. Lee was quoted as saying:
“Today’s acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years.” “I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
In response, Calvin Cheng, a Singaporean businessman said,
“We’re humbled that we were able to acquire BTCC. BTCC has an unparalleled brand and reputation, and we look forward to taking it to greater heights of success internationally.”
China’s Ban & BTCC
BTCC was China’s first bitcoin exchange and second largest bitcoin exchange as of October 2014. Bobby Lee founded it in June 2011, and today BTCC is among the top 20 bitcoin exchanges worldwide. The platform had $25 billion worth of bitcoin trades in 2017 according to reports. With ban pressures mounting on bitcoin-related firms in China, BTCC shut down its operations in September. Despite, the ban in China, BTCC continues to operate through its new headquarters in Hong Kong. Following the acquisition, the company will now turn its business towards the international market. As a global crypto enterprise, BTCC is focusing on three core services: BTCC Pool, Mobi and USD exchange. Denver Zhao, Mark Ma, and Aaron Choi will run each service respectively.
Moving beyond as a trading platform and mining pool, BTC China also has a wallet service for Apple and Android phones, called Mobi. The App is built specifically for crypto services and supports 15 languages that streamline crypto transactions through their mobile numbers and twitter accounts. Today 180 countries can easily access Mobi to trade multiple currencies using their phones. Regarding Mobi, Lee said:
“Mobi will take bitcoin mainstream, with mobile-number accounts, Twitter payments, 100+ currencies, and a Visa debit card.”
BTCC Mining Pool
Zhao, senior vice president of BTCC Mining Pool, sees the potential behind the acquisition. He points out that global digital currency adoption will keep on growing and the acquisition ensures better mining services to the global customers.
“We now have the resources to more fully realize our vision of safeguarding and stabilizing digital currencies’ blockchains,” said Zhao,
As the longest-running bitcoin exchange, BTCC would use its years of experience in providing more efficient digital currency services. With seven years of experience under its belt, BTCC exchange offers BTC/USD exchange built for individual traders/businesses. Aaron Choi who is in charge of the exchange, has experience at Tapjoy, RockYou, Chinapex and other startups. Regarding the eperience that BTCC accumulated throughout the years, Choi said:
“We gathered ample experience, expertise, and customer feedback over seven years of operating the longest-running and most trusted bitcoin exchange.”
According to CoinmarketCap, the BTCC exchange has $126 million trading volume for the USD:BTC pair during last 24 hours. The platform ranks 17th on exchange list.