[2018-07-02] Former Chinese Giant BTCC Relaunches Cryptocurrency Exchange

[ivanpoldark]

After shuttering its doors nine months ago, the world’s oldest cryptocurrency exchange is relaunching its exchange platform for business and has revealed its plan to launch its own token in the future.

BTCC on Monday announced the launch of its revamped exchange with support for crypto-to-fiat and crypto-only trading pairs including bitcoin, bitcoin cash, litecoin and ethereum.  BTCC, formerly BTC China, was the world’s first cryptocurrency exchange to launch operations n 2011. However, a crackdown by Chinese authorities on the domestic cryptocurrency sector, followed by an ICO ban, resulted in BTCC closing down its doors in September 2017.

BTCC was formerly one of China’s original ‘big three’ exchanges but eventually moved its operations to Hong Kong and London before being bought out by a Hong Kong blockchain investment fund in January 2018.

Speaking to CCN, Vice President BTCC Exchange Aaron Choi said that the relaunch of BTCC would feature a system to reward clients with points that would eventually be fully converted to BTCC tokens.

He stated:

“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”.

Some of the features of the new BTCC Exchange include new trading pairs (BTC, ETH, BCH, LTC/USD, ETH, BCH, LTC/BTC, etc.), enhanced liquidity as well as supposedly quicker deposits and withdrawals. Tighter bid-offer spreads are also being offered to enhance the trading experience.

In addition to the new trading pairs, BTCC will regularly launch additional trading pairs based on user feedback. All reward points are fully convertible to BTCC tokens upon release, which will be tradeable on the exchange.  BTCC has not revealed a concrete timeline for its token issuance.

https://www.ccn.com/former-big-three-chinese-giant-btcc-relaunches-cryptocurrency-exchange/

[Theb]

They are re-launching 10 months after being shutdown I wonder how they will gain their market share back since Huobi and Okex seems to be sharing the market in China. With them having a bad reputation from shutting down I don't think that their previous users will be trading with their platform not unless they have an attractive way of luring them back in. Gaining back those market shares will be tough and I don't think having their own token as a reward for using the platform is enough to gain back some market shares not unless this BTCC Tokens have an attractive price in the market.

[Kemarit]

I think they shutdown due to the China's Central bank putting tighter control on their local exchanges and eventually the sudden U-turn against bitcoin. I guess they really have to work out something to at least gain the trust of the market and bring back their customers. BTCC tokens will be nice though to attract investors and if this tokens will have a good price then I don't see why they will not be back in business in short amount of time.

[deadsilent]

What more can they do about China? China's regulations is killing their business. China is crackdown their whole operations. They are not gonna succeed if the government is against them. So best thing they can do is to migrate to other cyptocurrency friendly country which is not from their homeland (which is Hong Kong). There, they can operate their exchange freely as the country is not a hostile country when it comes to cryptocurrency. I think they can compete with other leading exchanges like they were before China end up to be hostile to cryptocurrency. Just being frustrated because back then, they got almost half the supply of Bitcoin but began cracking it down.

[snipie]

After the huge loss in the market and after escaping China which remains unfortunately a big prison for exchanges and after being bought by a Hong Kong company, BTCC will take back its place in my opinion

[vit05]

A large proportion of VC firms are increasingly passionate about Cryptocurrencies projects and China has passed USA in attracting venture capital funding for first time this year. I find it impossible for China to complete more than 2 years away from this market. At some point it will be inevitable. Vc and investments firms will squeeze for this. These companies are putting one foot out of the country just to stay alive, but what they really want is to get back to China.