Bitcoin Exchange BTCC Acquired By Hong Kong Blockchain Fundbr>
Chinese bitcoin company BTCC has been acquired by a Hong Kong blockchain investment fund.
BTCC was founded in 2011 by Bobby Lee, who is the brother of Litecoin creator Charlie Lee. BTCC was the world’s oldest bitcoin exchange until it shuttered its exchange in September 2017 under pressure from Chinese authorities. It operates a major mining pool which mined almost $900 million in bitcoin last year.
“Today’s acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years,” said Bobby Lee, CEO and co-founder of BTCC. “I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
BTCC said it will focus all its attention on its international markets and its three products, including the BTCC mining pool, Mobi, and its USD exchange, which will be led by Denver Zhao, Mark Ma, and Aaron Choi, respectively.
Zhao, head of BTCC’s mining business, said: “We now have the resources to realize our vision of a world in which the convenient and trustworthy digital currency services we create get everyone using digital currencies.”
Ma, head of Mobi, said: “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.”
Choi, manager of BTCC’s USD exchange, said: “The acquisition gives us resources to more effectively apply our unparalleled industry knowledge to provide customers with the most accessible digital currency services.”