Crypto trading app BitKan closes $10m Series B

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Cryptocurrency trading and data service provider BitKan has closed a $10m Series B to support its global expansion.

ZHONGYUNHUI Capital led the investment, with participation from first-time investor IDG Capital and previous backer BITMAIN. This capital injection follows BitKan’s Series A which closed on $2.5m in 2016, and a $300,000 angel round in 2015.

Founded in 2012, BitKan is a Chinese bitcoin and cryptocurrency data and trading website that offers users price viewing, news articles, mining monitoring, price alert and e-wallet services. Through the app, users can buy, sell and store cryptocurrencies in a secure location. Trading can be completed within minutes and local payment methods like AliPay and WeChat are supported on the app.

At the start of the year, the company’s valuation was $100m, a huge rise compared to its $16m valuation in 2016, according to the company.

BitKan aims to use this new equity investment to support its international expansion to western countries. The platform currently has one million users, of which around 40 per cent reside outside of China.

The company is also hoping to support the development and operation of its new ‘K Site’ platform. Proceeds from the round will also be used to support its e-wallet, payment and big data solutions.

K Site is BitKan’s social media-like hub which will host a selection of groups based on interests and create content such as micro-blogs, articles, videos and Q&A sessions, according to the company. The new service will also implement a new token, KAN, which will be used to pay coin-to-coin exchange fees, and while the coin will be listed on exchanges, there are no plans for an ICO.

The open beta for this new service will be launched on April 20th.

BitKan is looking to hire more international staff, with three new offices opening in Hong Kong, Singapore and Tokyo later in the year.

Copyright © 2018 FinTech Global

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