Bitcoin China Sold, New Focus on International Mining Pool

Bitcoin China (BTCC), the world’s oldest Bitcoin exchange platform and the first and the largest digital currency exchange in China, announced it was purchased by a Hong Kong block chain fund on January 29.

Bobby Christopher Lee, the founder of BTCC, said,

Today’s acquisition is a milestone for BTCC and a recognition and reward for our performance in recent years. I am very excited to see how this resource will help BTCC to develop its business more aggressively in 2018.”

Previously, BTCC executives told media “it is difficult and unsafe to open an exchange to manage money.”

BTCC used to focus on digital asset trading, but the company said it is shifting to three main products, namely BTCC China Pool, Mobi Digital Asset Wallet and Spot Trading Platform of US dollars, as well as the international market.

BTCC Mining Pool

In 2017, BTCC mined nearly $900 million worth of Bitcoins.

Zhao Qianjie, senior vice president of BTCC, said the acquisition would make BTCC realize its vision of applying digital assets globally.

“We now have better resources to achieve our vision of maintaining and stabilizing digital assets and blockchain networks. In the future, BTCC will focus on providing more equitable, transparent and one-stop mining services for global users.”

Mobi Digital Asset Wallet

Mobi Digital Asset Wallet launched in March 2017 and currently has users from 183 countries.

Ma Shiyuan, VP of BTCC Mobi Digital Asset Wallet Mobi, said the acquisition would enhance BTCC’s global competitiveness.

“Mobi is the globalized multi-currency wallet we launched in March 2017. It has users from more than 180 countries. The capital we have today is expected to enable us to achieve the goal of leading market share in the payment and digital asset industries in all countries at an early date.”

Spot Trading Platform of US Dollars

Cai Minjie, vice president of BTCC’s Spot Trading Platform of US Dollars, said BTCC would use its experience in operating the long-established Bitcoin trading platform to provide users with a more convenient and secure digital asset service in the future.

“BTCC has successfully operated a trustworthy Bitcoin trading platform over the past seven years, and we have gained a lot of experience, expertise and customer feedback. This acquisition provides us with resources, enables us to use our experience and expertise more effectively and could provide more convenient digital asset services for users in the future.”

Although engaged in transactions related to digital asset, Lee has a relatively conservative attitude for blockchain technology and other cryptographic currencies. In a recent interview he said he only recognized four major digital currencies: Bitcoin, Litecoin, Etheruem and Bitcoin Cash. He has no interest in the other digital currencies, nor will he recommend others invest.

Lee remains very optimistic about the future of BTCC:

“I am excited about the whole new chapter of BTCC’s future. This acquisition will enable us to succeed in 2018 and beyond. We will get new resources, and there will be a new batch of experienced, highly talented executives to join BTCC team, which will lead us to promote the development of the digital assets ecosystem in all areas, including mining pools, payment channels and trading platform business.”

This article originally appeared in SinaTech and was translated by Pandaily.