Business 29 May 2018Erik Gibbs
Hong Kong’s BTCC crypto exchange set to launch new platform
The world’s oldest cryptocurrency exchange has announced that it will launch a new exchange platform next month. BTCC, a Hong Kong-based cryptocurrency exchange, will introduce the platform, providing support for BTC, Bitcoin Cash, Ethereum and Litecoin as soon is the lights are turned on. In an effort to attract new customers, users won’t have to pay any trading fees for the first three months after the launch.
The new and improved BTCC exchange will offer faster withdrawals and deposits, while providing better liquidity. It will be available to users across the globe and incorporates an innovative, “cutting edge” system to enable seamless cryptocurrency trading. The platform, according to BTCC, will use “a multi-tier, multi-clustered system with an optimized, high-speed memory trading engine.”
To securely protect its clients’ assets, the exchange incorporates offline cold storage. BTCC hopes to avoid the embarrassment seen at other exchanges that have recently been the target of hacks. In January, Japan’s Coincheck lost $530 million worth of NEM after being attacked. Last week, trading platform Taylor lost $1.5 million in a hack that saw thieves make off with 2,500 ETH. The BTCC announcement explained, “We take security very seriously and are proud of the fact that we have never been compromised.”
BTCC began as BTC China in 2011. After Chinese authorities began a crackdown on cryptocurrencies last year, it shuttered its operations at the end of September. It then reopened offices in London and Hong Kong and, in January, was acquired by a Hong Kong-based blockchain investment fund.
Following the acquisition, Bobby Lee, BTCC’s founder and CEO, said, “[The] acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years. I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.” Lee further stated that the exchange was looking to be a global player, and, if everything goes well, it would seem that it might have reached that goal.
BTCC will continue to operate its BTCC mining pool, one of the company’s three core products. It also has plans to continue to offer its Mobi wallet along with the next exchange. As of February, BTCC only accounted for just under 3% of the total BTC hash rate.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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