Chinese company BTCC, known as the first bitcoin exchange, has announced today its acquisition by unnamed Hong Kong blockchain investment fund.
The cost and terms of the transaction are not disclosed.
The BTCC representative said that they are not ready to provide details about the fund or the costs of the deal.
This acquisition will help the company to enter the international markets, after Chinese authorities significantly limited functioning of that sort of companies in the past year.
New Stage For BTCC Exchange
American Bobby Lee founded the exchange in 2011. He commented on the deal:
“Today’s acquisition is an incredible milestone for BTCC. … I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
In 2017 the BTCC mining pool generated bitcoins by almost $900 million and over $25 billion passed through its exchange. In addition, last year company launched its own mobile Mobi wallet. According to the company , this wallet now has customers from over 180 countries.
BTCC representatives said that now the company will focus on the international market and three main products: the BTCC mining pool, the Mobi wallet and the BTCC crypto exchange. Themanagers of these products are Denver Zhao, Mark Ma and Aaron Choi, respectively.
“We now have the resources to more fully realize our vision of safeguarding and stabilizing digital currencies’ blockchains. Going forward, we’ll provide better, fairer, more transparent, and more comprehensive mining services to our customers worldwide.”, said Zhao in his statement today.
We would like to remind that in the autumn of 2017 BTCC stopped trading operations in China. The reason for this was the ban on cryptocurrency exchanges in the country.
BTCC was one of the three largest cryptocurrency exchanges in China. According to Coinhills portal, it ranked seventeenth in the global bitcoin trading.
Now the company is registered in the U.K. According to CoinMarketCap USD/BTC trading volumes on the BTCC exchange was $125 million within last 24 hours.
Bobby Lee Predicition
Last week on Blockchain Week conference in London Bobby Lee admitted that he trusted only four cryptocurrencies. He named Bitcoin, Ethereum, Litecoin and Bitcoin Cash. He added that he doesn’t trust altcoins and doesn’t recommend for anyone else to invest in altcoins. Earlier this month Lee predicted that Bitcoin can surpass $100.000 this year. Then it can reach $150.000 by 2021.