BTCC (formarly known as BTC China), based in Shanghai, was the world's second largest bitcoin exchange by volume as of October 2014. Founded by Bobby Lee in June 2011, it was China's first bitcoin exchange, and most of its customers are thought to be Chinese. In November 2013, the company had grown to 20 employees. It announced on 14 September 2017 that it was suspending trading as of 30 September 2017.
Video BTCC (bitcoin company)
History
In 2018, Bitcoin startup BTCC has been acquired by a Hong Kong-based blockchain investment fund. DAX cryptocurrency exchange is no longer in operation, BTCC will focus on its three main products: a mining pool, its Mobi bitcoin wallet and a USD/BTC exchange service.
Company CEO Bobby Lee approached the then two-person company in early 2013, and after investing his own money and attracting investors, oversaw the company's rapid expansion and marketshare growth by the end of the year. The Stanford computer science graduate, whose brother founded the cryptocurrency Litecoin, previously worked for Yahoo! in the United States, and for Walmart China as Vice President of Technology.
In November 2013, BTCChina raised $5 million in Series A funding from investors Lightspeed China Partners and Lightspeed Venture Partners. With a transaction volume of 90,000 Bitcoins of daily trading, BTCC overtook Japan's Mt. Gox and Europe's BitStamp platforms, becoming the world's biggest Bitcoin exchange (by trading volume).
On 18 December 2013, BTCChina announced that it was temporarily suspending acceptance of Chinese yuan deposits, attributing the decision to government regulations, following a 5 December statement from the People's Bank of China (PBOC). On 30 January 2014, the exchange resumed accepting yuan deposits, after further studying the PBOC statement and other rules. While the PBOC prohibited banks from trading in Bitcoin, BTCChina explained that they were accepting yuan into their corporate bank account, and transferring that money to their customer accounts, before it was traded for bitcoins.
In June 2017, BTCC launched DAX, a pure cryptocurrency-to-cryptocurrency exchange called BTCC-DAX. This exchange is meant to support the trade between Bitcoin and Ethereum Classic.
Maps BTCC (bitcoin company)
Services
BTCC offers a multisignature bitcoin wallet service including BTC/CNY, LTC/CNY, LTC/BTC trading pairs. At the same time, the company also supported the trading pairs of ETH/CNY, ICO/CNY, and BCC/CNY. In 2011, BTCC offers services to almost every corner of the planet, 16 countries are excluded, including the outsiders like Iran, Cuba, and North Korea. Joining them are residents in the US states of New Hampshire, North Carolina, and New York.
- BTCC Pool the company's Bitcoin mining pool, launched in October 2014. Due to its low fees and guaranteed payments, it was able to quickly gain a significant portion of the market share and mine as much as $64 million worth of Bitcoins in 2015 and $140 million worth of Bitcoins in 2016. BTCC Pool controls 7 percent of the total market.
- BTCC Pro Exchange was launched in October 2015. It is a bitcoin margin trading tool that will allow traders to exercise 20x20 leverage on spot trading. It is useful for buy or sell one or two bitcoin.
- BTCC USD Exchange was launched in November 2016. It is a USD/Bitcoin exchange that makes use of FIX APIs and a trading engine of its own.
- BTCC Mint was launched in May 2016. It is a new physical bitcoin made of Titanium. It's a large 43 mm coin, containing 1 BTC, which is newly mined from our mining pool. These physical brand-new bitcoins are part of the remaining 5.4 million bitcoins.
- BTCC Mobi App was launched in March of 2017. It is a global digital currency wallet that allows storage, conversion, and transfer of more than 100 currencies. The important feature of BTCC's Mobi app is the BTCC bitcoin debit card, which operates just like a normal bitcoin wallet. Funds in the wallet are pegged to the debit card and balance is automatically deducted when users make payments at retail points of sale (POS) that accept Visa or withdraw cash via bank ATMs.
- BTCC DAX was launched in June 2017. it is a cryptocurrency-to-cryptocurrency exchange. It is a pure cryptocurrency exchange. This service allows users to trade their Bitcoin for Ethereum Classic and vice versa. The company also added a feature that supports an ETH/BTC exchange.
Funding
In January 2018, BTCC, is registered in the United Kingdom, its exchange business traded over $25 billion in bitcoin in 2017, while its mining pool produced almost $900 million-worth of bitcoin in 2018.
In 2013, BTCC exchange bitcoin by trading volume has secured a $5 million funding.
In September 2017, raising money via ICOs, which has already passed $1.7 billion and soaring valuations for bitcoin and Ethereum.
References
External links
- Official site
Source of the article : Wikipedia
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