In a statement on Monday, Chinese bitcoin exchange BTCC announced that it has been acquired by a blockchain investment fund based in Hong Kong. The company says that it will now focus its attention on serving international markets through its main products: BTCC Pool, USD Exchange, and Mobi.
The company’s co-founder, Bobby Lee described the acquisition as a milestone:
“Today’s acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years. I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond.”
The statement provided no details about the identity of the fund that acquired BTCC. However, an advisor for the buyer, Singapore businessman Calvin Cheng, commented on the purchase:
“We’re humbled that we were able to acquire BTCC. BTCC has an unparalleled brand and reputation, and we look forward to taking it [to] greater heights of success internationally.”
Lee was optimistic about BTCC’s future, citing the benefits the company will enjoy from the addition of new resources and talent:
“I’m excited about this new chapter in BTCC’s future — the acquisition poises us for success in 2018 and beyond. The resources we’ll gain and the new set of experienced and talented executives we’ll have joining the BTCC team give us impetus to lead every segment of the digital currency ecosystem, including the pool, payments, and exchange businesses.”