BTCC, a Hong Kong-based cryptocurrency exchange formerly known as BTC China, plans to expand its services to South Korea next month, local business outlet The Investor reported on Tuesday.
According to the publication, BTCC Korea will kick off beta-version operations on October 31 and make its official debut in November. Although the exact timeframe is not specified, the exchange’s website confirms the upcoming launch and indicates a trading platform, wallet service, mining pool, and a consumer payment service in the works. There is still no information regarding the list of coins to be supported on the platform.
BTCC’s Korean branch will be helmed by Lee Jae-beom. Commenting on the exchange’s expansion move, he was quoted by The Investor as saying:
“Cryptocurrency exchanges are facing a turning point due to a downturn in local exchanges while global exchanges are making a leap here. BTCC Korea will be able to present a new strategy and vision of crypto exchanges.”
Moving into South Korea will see BTCC compete with several large industry players, including Upbit, Bithumb, Coinone, and Korbit. The exchange reportedly plans to strengthen its position in the country through strategic partnerships with local and global firms.
BTCC was the world’s first cryptocurrency exchange to launch operations in 2011 and used to rank as one of China’s original ‘Big Three’ exchanges. However, a crackdown by Chinese authorities on the domestic cryptocurrency sector, followed by an Initial Coin Offering (ICO) ban, forced BTCC to close doors last September and seek a home elsewhere. The company eventually moved its operations to Hong Kong and London before being bought out by a Hong Kong-based blockchain investment fund in January.