Monday, March 17, 2014

China´s largest Bitcoin exchange raises US$10m in funding – Marc van der Chijs

Marc van der Chijs
Marc van der Chijs
OKCoin, claiming to be China´s largest Bitcoin exchange, got a first round of VC funding of US$10 million, writes VC Marc van der Chijs in Coindesk.com. Target: growth outside China.

Marc van der Chijs:
The investment round was led by Ceyuan, one of China’s earliest venture capital firms, followed by Mandra CapitalVenturesLab and numerous high-profile angel investors. 
Despite the nation’s recent crackdown on cryptocurrencies, it seems Chinese venture capitalists are still bullish on bitcoin exchanges and the currency itself. 
Back in November 2013, the focus of the bitcoin community was on China – the world’s hub for bitcoin trading. At that time, BTC China was the biggest exchange in the world, having managed to raise a $5m Series A funding round from Lightspeed Venture Partners (Snapchat, Nest). There were even rumours that a bigger round was in the works for the young company. 
However, things change quickly. After the Chinese government began regulating bitcoin in December, trade volume plummeted and the world’s top exchange was no longer Chinese. 
Local exchanges came up with creative solutions for customers to continue to buy and sell bitcoin, and players like Huobi and OKCoin claimed to pass BTC China in their daily trade volume, although these figures have been the subject of much dispute
OKCoin has grown rapidly over the past few weeks and is now the biggest Chinese exchange, according to its CEO Star Xu. He claims the exchange’s current daily trade volume is approximately 50,000 bitcoins per day. 
Interestingly, on top of that, the exchange allegedly trades 5 million litecoins per day. The company claims that at its peak it reached over 300,000 bitcoin and 13 million litecoin trades.
More in Coindesk.com

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