Chinese BTCC To Open New Cryptocurrency Exchange

The trading platform will start in June with seven pairs.

by Marin Marinov
28 May • 2 min
In Markets

Hong Kong-based crypto company BTCC, which owns a BTC/USD trading platform, has announced a plan for a new cryptocurrency exchange that should open next month with seven trading pairs.

“In June, we will launch the much anticipated, new BTCC Exchange platform. Some of the key areas we have focused on are: enhanced liquidity, faster deposits and withdrawals, and small bid-offer spreads,” the company said in a statement.

The new BTCC

The new exchange will offer seven trading pairs at the beginning: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) for USD as well as BTC/ETH, BTC/BCH and BTC/LTC. Other cryptocurrencies will be added in the future. It is not clear if and how the existing BTC/USD exchange will be integrated in the new project.

“In terms of technical developments, our exchange will utilize a multi-tier, multi-clustered system with an optimized, high-speed memory trading engine. So, you can make the trades you want on a cutting-edge system,” BTCC said.

The new exchange will use Secure Sockets Layer (SSL) encryption, a protocol for establishing a secure link between the web server and the browser, and will also offer cold storage services for users preferring to keep their digital assets in devices that are not connected to the internet.

Users of the new BTCC platform will have accesses to its existing services - the Mobi wallet and the BTCC Mining pool.

BTCC market

BTCC was established in 2011 by Bobby Lee as the first Bitcoin trading platform in China. In 2014, it became the second largest BTC exchange by trading volume on a global level. However, after China’s ban on cryptocurrency trading last autumn, the company closed down its DAX cryptocurrency exchange and rebranded itself from BTCC China to BTCC.

The company now offers BTC/USD Exchange, Mobi Wallet and Mining pool form its offices in London and Hong Kong, which has financial autonomy from China’s central authorities.

In January, BTCC was sold to a Hong Kong investment fund that wants to focus on international markets.