Home Uncategorized Chinese Exchange ‘BTCC’ to Relaunch

Chinese Exchange ‘BTCC’ to Relaunch

Following its closure in September 2017, BTCC has announced plans to reopen the exchange platform, alongside the release of its own native token in the future.

In late 2017, BTCC – formerly known as BTC China – was forced to shutdown due to pressure from the Chinese authorities. Last year, the Chinese government clamped down on the domestic cryptocurrency sector, including an ICO ban. Now, just yesterday, the oldest cryptocurrency exchange revealed it will reopen its doors. The new platform will support crypto-to-fiat and crypto-only trading pairs including bitcoin, bitcoin cash, litecoin and ethereum.

Before its closure nine months ago, BTCC played a key role as one of China’s original ‘big three’ exchanges. After moving its activity to Hong Kong and London, the company was bought out by a Hong Kong blockchain investment fund in early 2018.

BTCC Native Tokens

In a statement regarding the relaunch, Vice President BTCC Exchange Aaron Choi has outlined plans for a points reward system that would be converted to BTCC tokens in the near future.

“A soft launch has already been made and we decided to go ahead with the BTCC points system that will be fully convertible to BTCC tokens. We wanted to give something back to the community which has supported us through a rather difficult period. Initially, we started trading with just Bitcoin/USD pairs and eventually added Ethereum, Litecoin and Bitcoin Cash. We will be adding further coins according to what our customers tell us although these will probably be Top 10 anyway”.

– Vice President, Aaron Choi

However these plans have no certain timeline, with the company giving away no fixed token issuance schedule.

New Exchange Features

Characteristics of the new exchange platforms include new trading pairs (BTC, ETH, BCH, LTC/USD, ETH, BCH, LTC/BTC, etc.), improved liquidity and arguably faster deposits and withdrawals. The platform has also said it will continue to add trading pairs inline with user feedback upon launch.

Image via Shutterstock.com

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