It was recently announced by BTCC, China’s oldest cryptocurrency exchange, that it has been acquired by another entity.
The entity, which was only described as a “Hong Kong-based blockchain investment fund,” will turn the exchange’s focus towards international markets.
Their officials are excited by the development and hope to grow the exchange’s functions through this new capacity and the avenues that they could explore through it.
BTCC’s co-founder, Bobby Lee, branded the acquisition as “an incredible milestone.”
“I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
What will this change for BTCC?
After this acquisition, BTCC will be focusing on international waters through three of its core products: BTCC Mining Pool, Mobi Wallet, and its exchange.
The products are to be led by individual members of BTCC’s team, each of whom will aim towards expanding their respective segment in the most efficient manner possible by acting as its senior vice president within the company.
About BTCC Mining Pool
Denver Zhao, who will be leading the mining pool, explained that the company would be dedicated to providing “better, fairer, more transparent, and more comprehensive mining services” to its customers throughout the world.
As per BTCC, its Mining Pool program is designed in a way that ensures effective and rewards distribution to miners in the operation. The company also looks forward to welcoming new members on board.
About BTCC Mobi Wallet
BTCC Mobi Wallet will be spearheaded by Mark Ma, who has previously worked with Chinese conglomerate Alibaba. The digital wallet had been introduced by the company in 2017, and Ma explained that it now has “customers from more than 180 countries.”
Ma was also excited about the investment received by BTCC and how it could help grow the company further.
“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.”
About BTCC Exchange
BTCC’s first product and what it launched it to mainstream attention, the exchange, will be led by Aaron Choi, who brings several years of experience in startup management to the company.
Choi mentioned that the experience and customer feedback that they have garnered over the years of operating the exchange can now be utilized towards further and effective expansion.
“The acquisition gives us resources to more effectively apply our unparalleled industry knowledge to provide customers with the most accessible digital currency services.”
Investors look forward to the expansion
Calvin Cheng, an advisor to the Hong Kong blockchain investment fund that acquired BTCC, stated that the company has high hopes for this acquisition since the exchange’s stature can help it expand into international markets effectively.
“We’re humbled that we were able to acquire BTCC. BTCC has an unparalleled brand and reputation, and we look forward to taking it to greater heights of success internationally.”
It could open doors for other companies as well
Seeing China’s approach towards the cryptocurrency industry, more and more exchanges are looking towards international expansion to keep their operations running.
It will not be a surprise if more names join such initiatives in the future, which is bittersweet, as China used to be a thriving and flourishing market for cryptocurrency operations before the government had decided to clamp down on the industry.