(Yicai Global) Jan. 3 -- China Digital Cloud Technology Co.'s cryptocurrency trading platform has secured tens of millions of yuan in investment for its SYC token.

Hongkong Shangya Exchange will use the funds to build a digital asset ecosystem and advance its master plan.

Backers include GeekBeans Capital, the Loopring Foundation, New Zealand ITS Chain Foundation and the Times Chain Coin Foundation.

Established in Hong Kong last year, the Shangya Exchange acts as a trading hub for bitcoin, Ethereum and their ilk. SYC is a decentralized blockchain token based on Ethereum.

The exchange will offer traders discounts on transaction fees if they hold enough SYC to pay them. SYC's applications cover service fees and transaction incentives.

After regulators in China banned initial coin offerings in September, many mainland Chinese practitioners went to Japan, South Korea and Southeast Asia to conduct business. They also favored Hong Kong, a major financial center in Asia.

By cooperating with an asset management firm that has licenses issued by the Securities and Futures Commission of Hong Kong, the Shangya Exchange can participate in international market investments, seizing opportunities and taking competitive strides in cryptocurrency consulting, digital asset management and digital fund issuance.