The operator of one of the Chinese mainland’s top bitcoin exchanges has been acquired by a Hong Kong investor, in a sign that China’s crackdown on cryptocurrencies is leading to more players exiting the market, Caixin reports.
BTCC, which has been bought out by a Hong Kong-based blockchain investment fund, will now “focus exclusively” on the international market, the company announced in a statement Monday. It will also concentrate on its three major products-a cryptocurrency mining pool, a US dollar exchange platform, and a digital wallet service. The wallet service has customers in more than 180 countries, according to Mark Ma, a vice-president at BTCC.
The capital injection “gives us a boost toward reaching our goal to grab a dominant market share in the payments and digital currency industries of each of those countries,” said Ma in a statement.