BTCC is acquired by a Hong Kong-based unnamed blockchain investment fund. This step is in response to the decimation of BTCC’s business due to regulations on cryptocurrency trading and ICO’s by Chinese Authorities.
BTCC acquisition by an “unnamed company”
The regulatory crackdown on Initial Coin Offerings (ICOs) and cryptocurrency trading on exchanges in China led to the decimation of BTCC’s business. This has, of course, made Beijing a potential site for bitcoin mining.
According to the reports, BTCC a bitcoin mining and exchange conglomerate has been acquired by blockchain investment fund that is based in Hong Kong. However, the biggest issue here is that the fund is unnamed that raises the question of ingenuity. In the wake of so many hacks and scams plaguing the cryptocurrency and ICO market, it is hard to trust on the reliability of this information.
It has been believed that the resources of this investment fund will help in funding the international focus of BTCC as it exists the Chinese market. Though it seems more likely the start of a nefarious plan.
Moreover, the terms of the deal have also not been disclosed that makes us question 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.”
BTCC boasts of plans to make it international
In 2017, the mining pool of BTCC had the worth of about $900 million bitcoins. Moreover, the company traded over $25 billion worth of coins. The Mobi wallet of BTCC has customers from 180+ countries, that has been introduced last year in 2017.
Bobby Lee, the co-founder 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.”
As per the officials of BTCC, from now the company will focus on international market and its primary products i.e BTCC Pool, Mobi and USD Exchange.
Talking about their vision of global digital currency adoption, Zhao explained:
“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 further added:
“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 enthusiastic and optimistic about the future of BTCC as evident 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.”
Do you think this acquisition is just a part of BTCC’s strategy to regain it’s lost position? Let us know your thought in comments below.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.