BTCChina Is Repurchased By Its Founder for New Business
BTCChina, the very first and oldest crypto exchange in China, has been repurchased by its co-founder Yang Linke, and from this point on, the company will transform itself into an enterprise that serves the real economy with blockchain technology.
According to the company’s official announcement, on the first working day of the New Year, Yang Linke has completed the acquisition of 100% stake in BTCChina, and the Series A financing of the company has started.
BTCChina, founded by two Chinese bitcoin preachers Yang Linke and Huang Xiaoyu, ran the first China-based cryptocurrency exchange from 2011 to 2017. The exchange has once taken up 80 percent of global trading volume but was shut down on September 30th 2017 following a heavy crackdown in the country. Since then the company has no longer run a crypto exchange or business.
The relationship between the Hong Kong-based company BTCC and BTCChina was again highlighted in the announcement, saying BTCC is not an abbreviation for BTCChina. Prior to that, Bobby Lee, the company’s CEO, also clarified that BTCChina is not affiliated with BTCC.
As BTCChina’s legal representative Richard Zhu claimed, BTCChina was part of the BTCC group Company. In early 2018, the BTCC Group Company was acquired by a Hong Kong-based investment company, during which BTCChina was not included.
BTCChina has been trying hard to keep its distance from BTCC, especially after the latter relaunched crypto exchange with a plan to issue its own tokens, which is apparently in violation of the crypto ban in China. The brand announced its return at the beginning of a new year, any action from it is eye-catchy.
Commenting on this repurchase, some Chinese bitcoiners said that Yang might buy back BTCChina at a very low price at a time when the industry is in a winter. It is meant to buy assets cheaply in a bear market, especially those he knows well.
“Eight year is not an end. The story is just beginning. BTCChina is about to set out again to continue its success.” Reads Yang’s recent weibo.
The Chinese crypto community is waiting to see what business the old brand will be engaged in. 8btc has asked Yang about the reasons for the acquisition and the follow-up development plan of the company, but no reply has been received as of press time.