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World’s Oldest Bitcoin Exchange BTCC is Launching a New Platform in June

Last Updated March 4, 2021 5:08 PM
Samburaj Das
Last Updated March 4, 2021 5:08 PM

Chinese cryptocurrency firm BTCC has announced plans to introduce an upgraded new exchange platform in June with support for currencies including bitcoin, ethereum, bitcoin cash and litecoin at launch.

Hong Kong-based BTCC has confirmed an upcoming launch of a new and upgraded ‘BTCC Exchange’ next month. In its announcement, the exchange underlined better liquidity, enabling small bid-offer spreads and faster confirmation deposits and withdrawals as features of the new upgraded trading platform made available to users worldwide.

At launch, the new exchange will support bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and litecoin (LTC) and their trading pairs. The exchange will address the needs of its user base to add other crypto tokens to its trading platform, the aforementioned release added. Users will see zero trading fees for the first three months following the launch of the new exchange.

Claiming to offer a new ‘cutting-edge’ system to enable faster, seamless trading, BTCC said of its revamped platform:

In terms of technical developments, our exchange will utilize a multi-tier, multi-clustered system with an optimized, high-speed memory trading engine.

The new exchange will also be optimized to include offline cold storage to better safeguard customers’ digital assets, it claimed. In contrast, storing user funds in online ‘hot wallets’ have resulted in some infamous cryptocurrency hacks such as the recent $530 million theft of NEM tokens from Japanese exchange Coincheck.

“We take security very seriously and are proud of the fact that we have never been compromised,” the exchange added.

BTCC, formerly BTC China, was the world’s first cryptocurrency exchange to take shape in 2011. A crackdown by Chinese authorities on the domestic cryptocurrency sector following an ICO ban last year meant the exchange shuttered its doors in China on September 30, 2017.

One of China’s original ‘big three’ exchanges, BTCC soon moved its base of operations to Hong Kong and London before earning a reprieve after its acquisition by a Hong Kong blockchain investment fund in January 2018.

“[The] acquisition is an incredible milestone for BTCC that validates all of our hard work over the past few years,” founder and CEO Bobby Lee said at the time. “I’m very excited about the resources this gives BTCC to move faster and aggressively grow our businesses in 2018 and beyond,” he added, stating the company would shift focus to offering services to the international market.

Featured image from Shutterstock.