Cryptocurrency Exchange BTCC Resurrects, Set to Create Own Altcoin
Eight months after the Chinese government placed a blanket ban on initial coin offerings (ICOs), cryptocurrency trading and bitcoin-related businesses, triggering a mass exodus of exchanges from the region, including BTCC, the firm has now re-launched operations and has hinted it would create own altcoin for users just like Binance and others, shortly.
Revamped and Ready
China-based BTCC was among the world’s first bitcoin exchanges, and ranked among the top three cryptocurrency trading platform during the time. Now, BTCC has announced that its revamped exchange is now live.
The BTCC team has made it clear that exciting new crypto-fiat trading pairs of bitcoin, ethereum litecoin (BTC/USD, ETH/USD and LTC/USD) are now available as well as enhanced liquidity ,faster deposits, and withdrawals, crypto-to-crypto trading pairs with a vast array of ERC20 tokens to be added as time goes on.
Efforts to re-launch the BTCC’s cryptocurrency exchange has been in consideration since a Hong Kong-based blockchain investment fund acquired the company.
Its counterparts, Huobi and OKCoin have since pivoted to crypto-to-crypto system and regained their position as one of the leading exchanges globally.
BTCC was the first exchange to shut down its operations last September, a period that also saw other significant platforms like ViaBTC, Yunbi, Huobi and OKCoin shutdown crypto trading, due restraining order given to them by the People’s Bank of China (PBoC), at the time.
With its reactivation, users will have more to gain from the company than ever before. BTCC has revealed that users will receive points that can wholly be converted to BTCC token for onward trading, by just registering and completing user identification operations and conducting trading activities.
Although it has indicated there would be binding rules as to the issuance of points, the decision on how the points will be exchanged for tokens has not been specified.
Trans-fee mining May be Implemented
Trans-free mining is the latest model which some cryptocurrency firms have started adopting, away from the conventional structures and BTCC in a similar fashion, has upped its game with the introduction of tokens.
While the new mining model allows cryptocurrency transaction fees to be repaid immediately by exchanges with their tokens, BTCC’s new system will have users redeem tokens at a later stage.
BTCC Vice President of international business, Aaron Choi noted that for the fact that BTCC will not charge traders any fees in the first three months after it fully resumes operations, its model is more of a giveaway rather than mining at the beginning.
“The (trans-fee mining) model draws a lot of attention at the moment. But there’s still a business risk so our management is reviewing this model, [to find out] how it can be sustained in a long-term, so giving away points for trading that can be converted into our token in the future is what we think makes sense for now.”
More Features Expected
Formerly BTC China, the exchange is the pioneer of commercial buying, selling and trading of bitcoin and also one of the most secure crypto trading platforms back then.
In May 2018, BTCManager reported that BTCC was looking to re-enter the cryptoverse with a highly secure platform.
“In terms of technical developments, our exchange will utilize a multi-tier, multi-clustered system with an optimized, high-speed memory trading engine,” stated BTCC at the time.