Oldest Chinese Bitcoin Exchange BTCC Acquired By Hong Kong Investment Fund
NEWS
The BTCC Bitcoin exchange, formerly known as BTC China, has been acquired by a Hong Kong-based Blockchain investment fund on terms that are yet to be disclosed, the company revealed in a blog post Monday, Jan. 29.
Calvin Cheng, an advisor for the yet-undisclosed investment fund, expressed his excitement about their acquisition of the longest-running Bitcoin exchange in China, saying that they were "humbled" by the opportunity.
According to BTCC's press release, the company will now focus on three major market spheres, namely the international BTCC Mining Pool, Mobi wallet software, and its own cryptocurrency exchange.
Co-founder of BTCC Bobby Lee expressed his confidence for the future after the deal, saying that he is "very excited about the resources this gives BTCC to move faster and aggressively grow [its] businesses in 2018 and beyond."
The company has faced an uphill battle to grow since being effectively ousted from their homeland base in Shanghai, China in September due to Chinese government banning cryptocurrency trading in the country. The company has since set up a new base of operations in Hong Kong, and will now have the capital to continue its brand remake.