China’s BTCC Exchange Relaunches Itself Along With Its Own New Tokens
Once the most popular cryptocurrency trading platform of China, BTCC, has announced the plan to again venture in the crypto exchange businesses along with getting its own digital token in the market. On Monday, July 2, the company said that its new exchange is now up for trading including trading pairs for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash that be traded in exchange for the U.S Dollar or crypto-to-crypto trading options.
The company also said that this time the exchange has introduced a new system to reward its users with points by just signing up, trading and completing the ID verification process. The company says that the users can use these points to convert in the BTCC’s own tokens which can be further traded on the platform.
BTCC has yet not given any specific timeline for the issuance of its new tokens but just notified that it will arrive in a “couple of months.” Moreover, no further decision regarding the hardcap of the token or the points-to-token conversion has been taken so far. BTCC also said that the exchange will be adding other popular cryptocurrencies to its new exchange and has also kept the option open for adding of ERC-20 tokens.
After China’s crackdown on the cryptocurrency exchange last year in September 2017, BTCC shifted its headquarters to Hong Kong while operating its crypto-to-crypto trading platform which was shutdown later in December 2017. Almost a year later, the company is all set to venture into the cryptocurrency exchange business.
BTCC also seems to be adopting the now popular revenue model among the Chinese cryptocurrency exchanges called as "trans-fee mining.” Under this model, the system will reimburse user’s transaction fees in the form of its own tokens.
While commenting on this, BTCC’s vice president of international business Aaron Choi said that the exchange is planning for zero trading fees during the first three months of its relaunch. Hence, this is more of a giveaway instead of mining.