Chinese Crypto Data Site BitKan Raises USD 10 Million in Equity Funding

Three Chinese investors contribute to BitKan’s further development.

by Coins.Online
04 April • 2 min
In Tech

Chinese cryptocurrency data site BitKan said on Wednesday three local investors have injected USD 10 million in equity in it to help it further develop its K Site social network hub project and expand international operations.

The funding round, the company’s third, was led by a new investor, Shenzhen-based investment firm Zhongyunhui Capital. It was supported by IDG Capital, also a new investor, and Bitcoin mining giant Bitmain, an existing investor, BitKan said in a statement.

"The capital injection will finance the development, promotion and operation of K Site as well as related products and services, such as E-wallet, payment and big data," BitKan's CEO Yu Fang said in the statement.

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K Site is aimed to become a popular social media-like hub, hosting a diversity of groups and producing various types of contents. In a crypto environment awash with fake initial coin offerings (ICOs), scams, and manipulations, K Site targets to build a “neutral, trustworthy crypto community where useful, reliable, indepth news and discussions can be shared”.

This goal will be achieved through a paywall. According to a report published in late 2017 by consultancy iMedia Research, an estimated 188 million Chinese users are paying for content and their number is growing rapidly.

K Site is also planned to have its own token dubbed KAN, which will be used to pay coin-to-coin exchange fees and reward best-loved content. KAN is intended to be listed on exchanges, but it will have no ICO.

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International expansion

The new investment is also intended to support BitKan’s international expansion ambitions. The Chinese startup, which offers English, Chinese, Japanese and Russian language services, aims to expand its foreign user base, which presently stands at some 400 000. It has another 600 000 users based in China.

To fulfil its overseas expansion plans, BitKan has recently set up three new offices - in Hong Kong, Singapore and Tokyo.

Founded in 2012, BitKan raised USD 2.4 million in Series A funding in 2016, following a USD 300 000 angel round in 2015. At the beginning of 2018, the company was valued at USD 100 million, according to its statement.