BTCC Acquired by Hong Kong Blockchain Fund, Aims to "Aggressively Grow"
- BTCC receives cash injection, aims to push its three business arms outward.
BTCC, the world's oldest Bitcoin exchange, has been acquired by a Hong Kong Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term investment fund, in what CEO Bobby Lee is calling "an incredible milestone".
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BTCC, formerly known as BTC China, is a Bitcoin exchange which was founded in by Lee in Shanghai in 2011. It traded $25 billion worth of bitcoins in 2017. It also operates a major mining pool which mined almost $900 million in Bitcoin in 2017.
It shut down operations in its homeland in September following a notice given to it by the local financial regulator, and set up new headquarters in Hong Kong. The price of Bitcoin tanked following the announcement on Twitter - such is the importance of the exchange, which even now is ranked within the top 20 exchanges worldwide.
According to a company spokesperson, BTCC aims to become a more global company, and the money gained from the acquisition will allow it to make this expansion. Said Lee: “I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
Apart from the exchange and the mining pool, BTC offers a Bitcoin wallet for Apple and Android phones, called Mobi. It supports more than 15 languages, over one hundred different cryptocurrencies, and allows money transfers through the user's phone number and Twitter account. It also offers a Visa card that allows users to pay in Bitcoin at businesses that don't accept Bitcoin. Lee said at the time of the release in March 2017: “Mobi will take bitcoin mainstream, with mobile-number accounts, Twitter Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, 100+ currencies, and a Visa debit card.”
Regarding the acquisition, Aaron Choi, manager of BTCC's Bitcoin/dollar exchange, said: “The acquisition gives us resources to more effectively apply our unparalleled industry knowledge to provide customers with the most accessible digital currency services.”
Denver Zhao, head of BTCC's mining business, said: “We now have the resources to realize our vision of a world in which the convenient and trustworthy digital currency services we create get everyone using digital currencies.”
Mark Ma, head of Mobi, said: “The capital injection we received today gives us a boost towards reaching our goal to grab a dominant market share in the payments and digital currency industries of each of those countries.”
Lee himself said that the deal "validates all of our hard work over the past few years.” We reported a few days ago on comments made by Lee - he said that he only trusts the 'big four' cryptocurrencies of Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
BTCC, the world's oldest Bitcoin exchange, has been acquired by a Hong Kong Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term investment fund, in what CEO Bobby Lee is calling "an incredible milestone".
Discover credible partners and premium clients at China’s leading finance event!
BTCC, formerly known as BTC China, is a Bitcoin exchange which was founded in by Lee in Shanghai in 2011. It traded $25 billion worth of bitcoins in 2017. It also operates a major mining pool which mined almost $900 million in Bitcoin in 2017.
It shut down operations in its homeland in September following a notice given to it by the local financial regulator, and set up new headquarters in Hong Kong. The price of Bitcoin tanked following the announcement on Twitter - such is the importance of the exchange, which even now is ranked within the top 20 exchanges worldwide.
According to a company spokesperson, BTCC aims to become a more global company, and the money gained from the acquisition will allow it to make this expansion. Said Lee: “I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
Apart from the exchange and the mining pool, BTC offers a Bitcoin wallet for Apple and Android phones, called Mobi. It supports more than 15 languages, over one hundred different cryptocurrencies, and allows money transfers through the user's phone number and Twitter account. It also offers a Visa card that allows users to pay in Bitcoin at businesses that don't accept Bitcoin. Lee said at the time of the release in March 2017: “Mobi will take bitcoin mainstream, with mobile-number accounts, Twitter Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, 100+ currencies, and a Visa debit card.”
Regarding the acquisition, Aaron Choi, manager of BTCC's Bitcoin/dollar exchange, said: “The acquisition gives us resources to more effectively apply our unparalleled industry knowledge to provide customers with the most accessible digital currency services.”
Denver Zhao, head of BTCC's mining business, said: “We now have the resources to realize our vision of a world in which the convenient and trustworthy digital currency services we create get everyone using digital currencies.”
Mark Ma, head of Mobi, said: “The capital injection we received today gives us a boost towards reaching our goal to grab a dominant market share in the payments and digital currency industries of each of those countries.”
Lee himself said that the deal "validates all of our hard work over the past few years.” We reported a few days ago on comments made by Lee - he said that he only trusts the 'big four' cryptocurrencies of Bitcoin, Bitcoin Cash, Ethereum and Litecoin.