Zhongyunhui Capital, IDG Capital, and Chinese Bitcoin mining giant Bitmain invested $10 million in one of China's leading provider of cryptocurrency services BitKan, the company announced in a press-release.
BitKan, one of China's oldest Bitcoin businesses was founded in 2012 as a platform for over-the-counter trading that also provided cryptocurrency price and mining data, as well as wallet services.
The service now supports 18 conventional currencies including USD, EUR, GBP, and INR, among others.
The company said it has secured $10 million in Series B funding round in bid to build momentum in the marketplace for the company's newly-launched social network hub "K Site”.
This new social media-like hub is a new feature within BitKan's app. It will host a variety of groups based on interests, and produce quality contents including micro-blogs, long-read articles and videos. Users will be charged a small fee to join the groups and they will be able to pay with K Site’s own token “KAN”.
Despite the fact that KAN will be listed on exchanges, there won't be an ICO.
BitKan CEO Fang Yu believes that vertical paid market will establish a decentralized media outlet that offers incentives to content creators, readers, and the sharing economy that will help to radically improve the content quality.
By Ksenia Batanova