Chinese and international capitalists was not deterred last December when China issued strong words and regulation on Bitcoin. Today, OKCoin announced that it is China’s largest trading exchange of Bitcoin, posted CoinDesk.
Bitcoin was trading feverishly last Nov. and at the center of the trading hub in China was BTC, the largest exchange in the world. The Chinese government began regulating bitcoin with denial of bank access and third party payment process, trade left and with the free fall of trade volume, BTC was no longer the top volume exchange for bitcoin trade.
Venture capitalists infused $10 million into OKCoin. As a matter of fact, it is this infusion that has allowed it to reach current exchange daily trade volume of 50,000 bitcoins per day, according to its CEO Star Xu.
Feng Bo, founder and partner at Ceyuan and investor in many funds in China stated, ‘We are delighted to invest in the pioneer of China’s bitcoin exchanges; given the company’s leadership under Star Xu and his team, we know there is much more good news ahead.’
Tim Draper and his son, Adam, Silicon investors and co-partners of Adam’s Boost VC incubator where Tim is a mentor, also invested in OKCoin’s angel round. The investment in OKCoin will be used to expand the team, fund product research and development, further security enhancements, but also to expand OKCoin’s operations beyond China.
Boost VC had told CoinDesk earlier this week that its Boost VC classes and financial support plans to help 100 start-ups in Bitcoin companies during the next three years.
OkCoin’s plan is to expand outside of China so it can be flexible in view of the current regulations from China. Money is being placed into development, security and regulations.
Mark Mai, VentureLab’s China partner, believes that this strategy will allow OKCoin to have opportunity for its clients and provide security and protection in other geographical locations.
Bitcoin is becoming welcome around the globe so a smart strategy play will be to offer exchange sites in locations with savvy business acceptance and well defined legislation.
To view more information about Bitcoin see the list below in Author’s suggestions and the video atop this article.
Twitter: Victoria Wagner@victoriaross888