Chinese cryptocurrency exchange BTCC announced the restart of the platform and plans to issue its own tokens.
BTC China opened in 2011 and is one of the oldest cryptocurrency exchanges. Just three years after the opening of the stock exchange admitted the second largest in the world. About your restart BTCC announced at the end of may. Today, July 2, crypto currency exchange officially began working on the updated platform.
Represented on the exchange Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC) in pairs with the us dollar. It is expected that in the future, cryptocurrency will be more.
On the platform appeared the reward system: each user gets points for committing to key actions, such as registering, passing verification and directly trade. These points will be converted into a private token BTCC, which can be exchanged for other currencies. However, when the exchange will start issuing the coins is unknown. The company did not name the exact date and while talking about the “couple of months”.
As told the Vice-President for international business, BTC China Aaron Choi (Aaron Choi), the first three months after the launch fees on the platform will be zero. This policy is in step with the recent trend in the Chinese cryptocurrency exchanges — a new revenue model “trans-fee mining”. Its essence lies in the reimbursement of transaction fees users with their own tokens platform.
However, according to Choi, the model BTCC is rather promotional than profitable. He admits that the next stages of the exchange may approach the model of “trans-fee mining”, although it is accompanied by business risks.
Recall that the BTCC exchange stopped trading in China since September 30, 2017. This decision followed the statement of the people’s Bank of China from September 4, according to which all ICO in the country was recognized as illegal. Nevertheless, the company continued its work in two other ways: supported pool for the mining of cryptocurrencies and mobile payments Mobi.
In January of this year the BTCC has acquired the Hong Kong investment Fund that focused on blockchain-sphere, and last week it became known that the company intends to sell 49% stake in its mining pool of the financial company, Value Convergence Holdings Limited from Hong Kong.
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