BTCC acquired by Hong Kong-based blockchain investment fund

posted 24 days ago
Bitcoin mining and exchanges conglomerate BTCC has been acquired by an unnamed Hong Kong-based blockchain investment fund. The resources will help fund BTCC's international focus as it exits the Chinese market.

BTCC's business has been decimated by a regulatory crack-down in China, which banned cryptocurrency trading on exchanges based in the country. Beijing now has Bitcoin mining in its gun sights, according to recent reports in the FT and elsewhere.

A spokeswoman for BTCC said: "We currently aren't releasing the information on the fund nor the amount of resources raised."

The BTCC exchange traded more than $25 billion worth of coins in 2017. BTCC's Mobi wallet, which was introduced in March 2017, now has customers from 180+ countries, added the spokeswoman.

In a statement BTCC co-founder Bobby Lee said: "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."
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