BTCC, one of the oldest Bitcoin exchanges in the world and member of the Chinese ‘big three’, has been acquired by a Hong Kong-based blockchain investment fund. Details are thin on the ground, with more information due to be disclosed at a later date.

As reported by CryptoCoinNews, BTCC co-founder Bobby Lee stated that the acquisition would be “an incredible milestone” for BTCC that “validates all our hard work over the past few years”. Lee added that he plans to use the newfound resources to pursue aggressive business growth.

BTCC’s mining pool will continue as one of its core products in BTCC’s new business model, together with Bitcoin wallet Mobi and BTCC’s USD-based cryptocurrency exchange.

“We now have the resources to more fully realize our vision of safeguarding and stabilizing digital currencies’ blockchains,” said BTCC mining pool vice president Denver Zhao. The firm’s mining pool accounts for 2.8% of the total Bitcoin hash rate.

Lee has said in the past that cryptocurrencies need regulation to protect them from “running amok”. “I think regulation is much needed for this new asset class because otherwise it’ll run amok from society,” BTCC CEO Lee told CNBC’s Squawk Box. “But the challenge is how to craft the rules around this new technology.”

At a talk during London Blockchain Week last month, Lee opined that the world’s governments have no way of stopping the rise and rise of Bitcoin and cryptocurrencies. According to Lee, they will regulate exchanges, ban ICOs and token issuance, and implement stricter KYC rules. Finally they will limit transfers and start to levy taxes on Bitcoin investments. “This is how it’s been for five years, this is how it will be for the next five years,” he stated. Yet, he believes that those measures won’t stop the price rising even higher.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
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