 | This article contains content that is written like an advertisement .(January 2023) |
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| BTCC | |
| Industry | Bitcoin Exchange |
| Headquarters | , |
| Website | www |
BTCC is a crypto exchange established in June 2011. The exchange underwent a significant restructuring in 2018, closing its offices in China and expanding its business globally since then.
BTCC was founded in June 2011. BTCC now stands for 'BTC & Crypto', as stated on the company's official website, [1] although it used to mean 'BTC China'.[ citation needed ]
Before becoming the company's CEO, entrepreneur Bobby C. Lee approached the then two-person company in early 2013 and, after investing his own money and attracting investors, oversaw the company's rapid expansion and market share growth by the end of the year. [2] The Stanford computer science graduate, whose brother Charlie founded the cryptocurrency Litecoin, previously worked for Yahoo! in the United States, and as vice president of technology for Walmart China. [2]
In November 2013, BTCChina raised $5 million in Series A funding from investors, Lightspeed China Partners, and Lightspeed Venture Partners. [3]
On 18 December 2013, BTCChina announced that it was temporarily suspending acceptance of Chinese Yuan deposits, attributing the decision to government regulations, following a December statement from the People's Bank of China (PBOC). [4] On 30 January 2014, the exchange resumed accepting yuan deposits, after further studying the PBOC statement and other rules. [5] While the PBOC prohibited banks from trading in Bitcoin, BTCChina explained that they were accepting Yuan into their corporate bank account, and transferring that money to their customer accounts, before it was traded for bitcoins. [5]
In September 2017, BTCC announced it would cease all trading, reacting to Chinese authorities banning initial coin offerings (ICOs) one week prior. [6] Later in January 2018, BTCC was acquired by an unnamed Hong Kong-based blockchain investment fund with the intent to move its operations out of China. [7]
In 2018, BTCC reorganized and established multilingual regional businesses in Taiwan, [8] [ better source needed ] Japan, [9] [ better source needed ] and South Korea. Localized language revisions were released at the same time. However, on August 18, 2022, it was reported that BTCC was among 16 foreign cryptocurrency businesses that lacked the proper registration to operate in South Korea. An intelligence unit of the Financial Services Commission reported the businesses to the nation’s investigative body and asked other agencies to block access to the firms’ local websites. [10]
As of December 2022, the exchange provides USDT-margined and coin-margined futures trading on more than 50 highly-liquid cryptocurrencies, including BTC, ETH, DOGE, and more, with a leverage of up to 150x. The exchange's 24-hour trading volume is over $12 billion, ranked 3rd in the derivative exchanges on CoinGecko. [11] [ better source needed ]
Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.
Bitcoin is the first decentralized cryptocurrency. Nodes in the peer-to-peer bitcoin network verify transactions through cryptography and record them in a public distributed ledger, called a blockchain, without central oversight. Consensus between nodes is achieved using a computationally intensive process based on proof of work, called mining, that requires increasing quantities of electricity and guarantees the security of the bitcoin blockchain.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB upgrade.
Bitcoin is a cryptocurrency, a digital asset that uses cryptography to control its creation and management rather than relying on central authorities. Originally designed as a medium of exchange, Bitcoin is now primarily regarded as a store of value. The history of bitcoin started with its invention and implementation by Satoshi Nakamoto, who integrated many existing ideas from the cryptography community. Over the course of bitcoin's history, it has undergone rapid growth to become a significant store of value both on- and offline. From the mid-2010s, some businesses began accepting bitcoin in addition to traditional currencies.
Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.
CoinDesk is a news site specializing in bitcoin and digital currencies. Founded by Shakil Khan, the firm also provides guides to bitcoin for those new to digital currencies.
HTX is a Seychelles-based cryptocurrency exchange. Founded in China as Huobi, the company now has offices in Hong Kong, South Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company.
A cryptocurrency tumbler or cryptocurrency mixing service is a service that mixes potentially identifiable or "tainted" cryptocurrency funds with others, so as to obscure the trail back to the fund's original source. This is usually done by pooling together source funds from multiple inputs for a large and random period of time, and then spitting them back out to destination addresses. As all the funds are lumped together and then distributed at random times, it is very difficult to trace exact coins. Tumblers have arisen to improve the anonymity of cryptocurrencies, usually bitcoin, since the digital currencies provide a public ledger of all transactions. Due to its goal of anonymity, tumblers have been used to money launder cryptocurrency.
Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. It is located in Stamford, Connecticut. The company has the subsidiaries Foundry, Genesis, Grayscale Investments, and Luno. It also formerly owned CoinDesk.
An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ether. The tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project successfully launches.
Jihan Wu is a Chinese billionaire cryptocurrency entrepreneur. Together with Micree Zhan, he co-founded Bitmain in 2013, which has become the world's largest computer chip company for bitcoin mining, with US$2.5 billion in revenue in 2017. He is a leading supporter of Bitcoin Cash, a hard fork of bitcoin created in 2017 with increased transaction capacity. He topped Forbes' 2020 World’s Billionaires List as one of the five youngest billionaires in Asia.
A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies. Binance subsequently left Japan for Malta and currently has no official company headquarters.
Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that have been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.
OKX is a global cryptocurrency spot and derivatives exchange and the second biggest crypto exchange by trading volume, serving over 50 million people globally. It was founded by Star Xu in 2017, who is also the CEO as of 2023. The President is Hong Fang and the CMO is Haider Rafique. OKX is owned by OK Group, which also owns the crypto exchange Okcoin.
Changpeng Zhao, commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of November 2023. He resigned as the CEO in November 2023 after pleading guilty to a money laundering charge in the United States.
Charlie Lee is a computer scientist, best known as the creator of Litecoin. He serves as the managing director of the Litecoin Foundation.
Bithumb is a South Korean cryptocurrency exchange. Founded in 2014, Bithumb Korea has 8 million registered users, 1 million mobile app users, and a current cumulative transaction volume has exceeded USD $1 trillion.
Terra is a blockchain protocol and payment platform used for algorithmic stablecoins. The project was created in 2018 by Terraform Labs, a startup co-founded by Do Kwon and Daniel Shin. It is most known for its Terra stablecoin and the associated Luna reserve asset cryptocurrency.
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