BTC China the world's largest Bitcoin trading platform

Summary:As trading in the virtual currency gains momentum, the Chinese Bitcoin trading platform claims to be the world's biggest, and is newly flush with cash following a US$5m investment

BTC China, the first and largest Bitcoin trading platform in China announced it recently attracted US$5 million of financing, according to a 36kr report published on Monday.

The investment by Lightspeed China Partners and its American-based parent company Lightspeed Venture Partners cemented BTC China's position as the world's biggest platform. With daily transactions of nearly 90,000 Bitcoins and a peak trading value of RMB 200 million (US$33 million), BTC China leads rivals Mt Gox from Japan and Slovenia-based Bitstamp, according to the report.

BTC China will invest the new cash on improving the integrity of both the product and its customers' investments. These challenges are pressing concerns for traders, following negative reports about the virtual currency's trading platform according to Bobby Lee the company's founder and CEO. This follows the overnight disappearance of Global Bond last month. The Hong Kong-based platform vanished with over RMB 30 million (US$5 million) in investments, underlines the importance of building trust in the platform.

However, Bitcoin-related startup companies, who not only run platforms but also also operate e-wallets, online payments, and online store businesses, continue to attract undeterred investors, said the 36kr report.

Following a surge in value in July, Bitcoin trading momentum in China hastened the introduction of new products like Colored Coin, a trading protocol that allow investors to trade in virtual currencies, physical assets and conventional investments.

The Bitcoin currency value has fluctuated significantly over the past few months, most recently surging past a new high of US$750 on Tuesday, nearly 107 percent higher from the week before, raising concerns of a potential bubble. The latest rise comes amid U.S. Senate hearings over its regulatory stance on the virtual currency.

Topics: E-Commerce, China

About

Liu Jiayi is a Hong Kong-based writer and editor.He produces video stories for Al Jazeera English and Severn News Australia, and also worked as the video editor for the Hong Kong-San Francisco Ocean Film Festival 2012. He is studying under a Master of Journalism Programme at the University of Hong Kong.

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