Hong Kong investment fund buys bitcoin exchange BTCC
An unnamed Hong Kong-based blockchain investment fund has taken over bitcoin exchange BTCC for an undisclosed sum.
BTCC, previously called BTC China, has been operating since 2011. The company shuttered its China business in September 2017 owing to regulatory crackdown and created a base in Hong Kong.
The company now aims to focus on the international market and its key offerings: digital currency pool BTCC Pool, digital wallet Mobi, and USD Exchange.
BTCC Pool is headed by Denver Zhao, and Mobi by Mark Ma. Zhao has many years of experience in sales, while Ma has experience in product design at various firms including Alibaba.
Aaron Choi is in charge of the exchange service. Choi previously worked at RockYou, Tapjoy, and Chinapex.
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.”
“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,” Ma said.