BTCC, once one of the biggest bitcoin exchange and a current bitcoin miner with some 3.2% network share, has announced they have been acquired, but won’t reveal any detail.
They say the acquisition was by a Hong Kong-based blockchain investment fund, but won’t say which one exactly. Nor will they say the amount paid.
Not revealing the latter might be understandable, but hiding the company’s name does seem very puzzling, not least because eventually it might have to be revealed in company filings and so on.
All three of its major products – BTCC Pool, Mobi, and USD Exchange – have apparently been acquired, with the company stating they will now focus on the international market.
“The capital injection we received today gives us a boost towards reaching our goal to grab a dominant market share in the payments and digital currency industries of each of those countries,” Ma, Vice President of BTCC Mobi, said after revealing the app has customers in over 180 countries.
While Bobby Lee, the founder of BTCC, said “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.”
The company said they handled $25 billion worth of bitcoin trading in 2017, but following China’s crackdown, their volumes have fallen.
However, it still managed some $120 million in USD/BTC trading volumes during the past 24 hours, with the company now so seemingly shutting down its China operations to focus exclusively on other markets, moving its offices to Hong Kong.
But following the acquisition, it is unclear who they will be answering to, or who will have ownership control over their many miners.
Raising questions as to why they decided to not reveal what you’d think is necessary information for their customers and the wider crypto ecosystem.