BTCC To Launch Digital Currency Exchange Next Month

BTCC cryptocurrency exchange has disclosed that it will be unveiling a new trading platform which will cater to users spread across the globe. According to an official statement from the company the new platform will be launched this summer.

"In June, we’ll 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 exchange wrote on its website.

Initially the virtual currencies that will be supported include bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and bitcoin cash (BCH) but the exchange will add more digital currencies in line with user demands. To attract customers the cryptocurrency exchange plans to charge no fees in the initial three months.

BTCC has also announced that the exchange will make use of a multi-clustered, multi-tier system which will run on a memory trading engine that is high-speed and optimized. For purposes of security and to protect the digital assets of its users traffic will be encrypted and offline cold storage solutions will be in place.

Now seven years old after being started in China in 2011 BTCC is the oldest bitcoin exchange in the world. However it was shut down last year in September following pressure that was exerted by regulators in its home country after a ban on Initial Coin Offerings. Scrutiny on the exchange had however began earlier in the year when officials from the Chinese central bank made on-site visits to multiple cryptocurrency exchanges. Together with OKCoin and Huobi BTCC was one of the big three cryptocurrency exchanges in China. It however moved its headquarters to London and Hong Kong.

Earlier in the year BTCC was acquired by a blockchain investment fund based in Hong Kong breathing new life into the exchange after the ICO ban in China. At the time of the acquisition BTCC said that the move would allow the firm to focus on the global market since operations in its home country had been severely crippled.

After the acquisition was made public the co-founder of the exchange, Bobby Lee, indicated that BTCC would adopt a new business model where focus would be placed on three core products or activities – mining of cryptocurrencies, a virtual currency exchanged based on the U.S. dollar and a bitcoin wallet known as Mobi. At the beginning of the year the mining pool of BTCC accounted for 2.8% of the total hash rate of bitcoin.