After closing its services nine months ago, one of the world’s oldest cryptocurrency exchange will be open again for business and has stated its intention to issue its own token in the future.
On Monday BTCC announced the launch of its exchange platform, which will support crypto-to-fiat and crypto-to-crypto trading pairs including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Formerly known as BTC China, the platform was the first cryptocurrency exchange in China to launch its operations in 2011. But due to a crackdown led by Chinese authorities on the domestic cryptocurrency segment, which was then preceded by an ICO ban, which made the platform shut down its services in September 2017.
BTCC used to be one of China’s three largest exchanges but eventually relocated its headquarters to Hong Kong and London before being acquired by a Hong Kong blockchain investment fund in January 2018.
Aaron Choi, the Vice President of BTCC said that its relaunch would feature a rewarding system for its clients with points that could be later claimed as BTCC tokens.
“A soft launch has already been made and we decided to go ahead with the BTCC points system that will be fully convertible to BTCC tokens. We wanted to give something back to the community which has supported us through a rather difficult period. Initially, we started trading with just Bitcoin/USD pairs and eventually added Ethereum, Litecoin and Bitcoin Cash. We will be adding further coins according to what our customers tell us although these will probably be Top 10 anyway,” stated Choi.
Other features of the new exchange include new trading pairs (BTC, ETH, BCH, LTC/USD, ETH, BCH, LTC/BTC, etc.), enhanced liquidity along with allegedly faster deposit and withdrawal times. The exchange will also offer tighter bid-offer spreads are to increase the trading experience.
Besides the new trading options supported, BTCC will frequently add new trading pairs based on user requests. All reward points can be fully converted to BTCC tokens when they will be released, after which they can be traded on the exchange. The company has not given an official timeline regarding the issuance of its tokens.