Hong Kong–Based Investment Firm Acquires BTCC
BTCC is procured by a Hong Kong-based unnamed blockchain investment fund. This progression is in light of the destruction of BTCC’s business because of regulations on digital currency trading and ICO’s by Chinese Authorities.
The regulatory crackdown on Initial Coin Offerings (ICOs) and digital currency trading on exchanges in China prompted the destruction of BTCC’s business. This has, obviously, made Beijing a potential site for bitcoin mining.
As indicated by the reports, BTCC a bitcoin mining and exchange combination has been gained by blockchain investment fund that is situated in Hong Kong. Nonetheless, the greatest issue here is that the store is anonymous that brings up the issue of inventiveness. In the wake of such a large number of hacks and scams troubling the digital currency and ICO market, it is difficult to trust on the trustworthiness of this information.
It has been trusted that the resources of this investment fund will help in subsidizing the global focus of BTCC as it exists the Chinese market. In spite of the fact that it appears to be more probable the beginning of a nefarious plan.
In addition, the terms of the arrangement have additionally not been uncovered that influences us to scrutinize this acquisition as said by the spokeswoman of BTCC:
“We currently aren’t releasing the information on the fund nor the amount of resources raised.”
In 2017, the mining pool of BTCC had the value of about $900 million bitcoins. Additionally, the company traded over $25 billion worth of coins. The Mobi wallet of BTCC has clients from 180+ nations, which have been presented a year ago in 2017.
Bobby Lee, the fellow benefactor of BTCC has been 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.”
According to the authorities of BTCC, from now the company will concentrate on global market and its essential items i.e BTCC Pool, Mobi and USD Exchange.
Discussing their vision of worldwide digital currency adoption, Zhao elucidated:
“We now have the resources to realise our vision of a world in which the convenient and trustworthy digital currency services we create get everyone using digital currencies.”
Mark Ma additionally included:
“Mobi, the global multi-currency wallet that we introduced in March 2017, now has customers from over 180+ countries. 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 is excited and hopeful about the eventual fate of BTCC as clear from his statement:
“I’m excited about this new chapter in BTCC’s future — the acquisition posies us for success in 2018 and beyond. The resources we’ll gain and the new set of experienced and talented executives we’ll have joining the BTCC team give us an impetus to lead every segment of the digital currency ecosystem, including the pool, payments, and exchange businesses.”