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Big Investment in Chinese Bitcoin Media Company Shows Promise

Chinese bitcoin news aggregator and information portal ‘BitcoinKan’ has announced an angel round funding deal in the ‘multi-million RMB’ region.

While the company is not disclosing the exact figure of the deal at this stage, 1 million RMB is equivalent to USD$157,000.

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BitcoinKan [http://btckan.com] launched in March of 2012, establishing a prominent place on the Chinese digital currency media scene with its easy-to-use app. The app, on both Android and iOS, was a popular app for Bitcoin Chinese customers.

Aside from displaying prices of global markets, the BitcoinKan app also features translated news gleaned from a range of bitcoin media outlets around the world.

Traders can also buy and sell coins using BitcoinKan on partner exchanges including BTCChina, Yunbi, and Bter, saving them the trouble of having to log onto these websites.

Information bitcoin users need

In a recent move to increase transparency in the cloud-mining industry, BitcoinKan has been publishing the hashrate of mining companies, including HaoBTC.

BitcoinKan’s success is widely attributed to its innovative marketing techniques. The most popular of these is a feature called ‘Share for Bitcoins’. This enables users to repost BitcoinKan content to their social media pages for a small reward paid in bitcoin. As of today, 3,000 people have been paid in this form.

Interest in bitcoin still active in China

BitcoinKan CEO Liu Yang said that successfully securing a funding deal will be a boon to the morale of those in the Chinese bitcoin industry – and shows that investors are still interested in the space.

On the company’s future plans, Liu said:

“We will register a company in the U.S. as the first step of our globalization strategy. This is the reason that we need investment. We will plan to expand into non-BTC areas to maintain maximum flexibility facing uncertain market condition, but we believe that the soundness of our plans eventually show if we continue to focus on creating values for our customers.”

In a sign of the company’s overseas ambition, BitcoinKan launched its first overseas edition in June this year.

Zhu Haobing, CEO of Lanqi Venture Capital Investment (which participated in the round) said:

“Bitcoin is a brand new technology and has the potential to revolutionize the old financial world. At Langqi, we like new things and want to get involved with them. That means that sometimes even when we can’t clearly see the trend, we would like to get a foot in the door first.”

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