Former ‘Big Three’ Chinese Giant BTCC Relaunches Cryptocurrency Exchange
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.