BTCC, one of the longest-running Cryptocurrency Exchange platforms in China, has announced the re-launching of its crypto trading platform after shuttering its doors nine months ago. According to an announcement on the 2nd of July 2018, the exchange company also uncovered its plans to issue its token in the future.
Founded in 2011, BTCC was formerly one of major ‘big three’ exchanges in China before it eventually moved its services to Hong Kong and London. The exchange company was later acquired by a Hong Kong-based blockchain investment firm to facilitate its rebranding and further expansion in January 2018.
In the wake of China’s ban on initial coin offerings (ICOs) and fiat-to-crypto trading in September 2017, BTCC faced a significant setback and was forced to close down its exchange platform immediately. Before the company stopped rendering exchange services to users last year, it had a considerable amount of users and customers on the exchange platform.
BTCC Exchange Platform Expands With New Features
The company delivered the promise it made in May about re-launching an upgraded crypto exchange platform, and the revamped BTCC platform will offer new trading pairs such as BTC, ETH, BCH, LTC/USD, ETH, BCH, LTC/BTC, among others. Other improvements on the platform include “quicker” deposit and withdrawal operations, enhanced liquidity, new rewards point system and tighter bid-offer spread. All reward points are fully convertible to BTCC tokens upon release, which will be tradable on the exchange. In addition to these, the exchange will regularly launch additional trading pairs based on user feedback.
Users will be able to earn “reward points” by completing various actions such as referrals. The release states that: “Referring users, and many other activities will also provide you with opportunities to earn points. “All reward points are fully convertible to BTCC tokens upon release. Our reward point system will give you tangible benefits that you can use across the whole BTCC ecosystem!”
The Vice President of BTCC exchange, Aaron Choi, said that: “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.” The Chinese added that “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.”
The University of California alumnus also stated that since the re-launched platform would have zero trading fees during its first three months, the model adopted by the company was more of a giveaway.