BTCC which a chinese company to trade in Bitcoins a long time, has published an announcement on January 29. She indicated that the company was bought by an investment fund based in Hong Kong. The company has explained that it wants to operate in China to enable the company to develop efficiently in 2018.
Below are the details of this acquisition :
BTCC acquired by an investment fund
The company’s BTCC officially known under the name of BTC China was founded in 2011 by entrepreneur, Bobby Lee, and it was the first exchange of Bitcoins in the country. In 2014, the exchange held the second global volume of transactions of Bitcoins. However, at the beginning of 2017, the chinese central bank has banned the trade of crypto-currencies as well as the ICO. The most specialized companies in the field have decided to go abroad to be able to continue their operations. An opportunity for the actors of the sector in order to benefit from a political climate more favorable to digital assets.
Source : Pete Linforth, Pixabay. The prohibition of China has pushed the companies to go elsewhere.
An investment fund anonymous has completed the acquisition of BTCC. This company, based in Hong Kong with the aim to develop BTCC at the international. Bobby Lee, co-founder of BTCC, stated that the acquisition today is a step amazing for the company. He indicated that he was very enthusiastic at the idea of BTCC is developing more rapidly.
An acquisition that will allow a development to the international
According to the company, the company will focus on international markets and three products, including a USD Exchange, Mobi and Undermine BTCC. The corporation of the exchanges will be operated by Denver Zhao, Mark Ma, and Aaron Choi. BTCC stated that Ma has strong skills in the field, because of his many years of experience at the firm, Alibaba and other technology companies in financial.
This acquisition marks the move of the last major exchange of crypto-currencies chinese. The other companies in the country Huobi and Okcoin have already decided to operate abroad.
Source : NewsBitcoin