China’s oldest cryptocurrency exchange, BTCC, is launching a trading platform in South Korea, local news outlet The Investor has reported.
The South Korean publication informed yesterday that BTCC would launch a beta version of the new exchange later this month and that the service would make its official debut in November.
“Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here,” Lee Jae-beom, who will reportedly lead the new business, told The Investor. “BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
As noted by industry website Cointelegraph, the BTCC Korea website states that the new service will span a trading platform, wallet service, mining pool, and a service to enable consumer payments.
BTCC once was one of the top 3 crypto exchanges in China, but the company was forced to close its digital currency trading business following the country’s ban on domestic initial coin offerings (ICOs) and centralised crypto trading last year. Following its acquisition by a Hong Kong-based hedge fund in January, the company relocated its headquarters and continued to function as an operator of a major mining pool and a digital currency wallet called Mobi. Then in July, BTCC announced that it was relaunching its cryptocurrency exchange business, with trading pairs including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), as well as crypto-to-crypto trading options.
At the moment, BTCC still has a long way to go, in order to return to its former glory. According to recent market data from digital currency tracker Coinmarketcap, BTCC has generated a trading volume of about $180,000 in the past 24 hours. This puts it outside the top 150 crypto exchanges by trading volume. The platform currently supports for digital currencies – Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) – and seven trading pairs.