Fallen Bitcoin Trading Giant BTCC Sold to HK Fund

Fallen Bitcoin Trading Giant BTCC Sold to HK Fund

Liao Shumin

Date: Mon, 02/12/2018 - 14:10 / source:Yicai
Fallen Bitcoin Trading Giant BTCC Sold to HK Fund
Fallen Bitcoin Trading Giant BTCC Sold to HK Fund

(Yicai Global) Feb. 12 -- BTC China, formerly one of the world's largest cryptocurrency trading platforms, has been sold to an unnamed Hong Kong-based blockchain investment fund, marking the official exit of the firm's four biggest shareholders Yang Linke, Li Qiyuan, Lightspeed China Partners and Huang Xiaoyu.

The value of the transaction for the Shanghai-based firm was less than CNY10 billion (USD1.6 billion), Yang told tech news website BiaNews, adding that he was very satisfied with the deal.

Although BTCC ceased cryptocurrency trading operations in September following regulatory orders, the platform is repositioning itself as a mining pool, a platform for digital currency miners to integrate resources and share profits. The site also acts a digital asset wallet and USD spot trading portal.

Founded by Li Qiyuan in 2011 as China's first bitcoin trading platform, BTCC held an 80-percent share of the Chinese market, and was the world's second-largest bitcoin exchange by volume in October 2014.

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Keywords: BTC China