Bitcoin Miner BTCC has provisionally agreed to sell 49 percent of its equity, according to a memorandum of understanding (MOU) published on Monday.
Why it is important
- In January, an investment fund from Hong Kong, acquired the BTCC. After that, the exchange began to develop three areas of its business: a mining pool, a cryptocurrency wallet called Mobi, and the USD / BTC exchanger.
The potential buyer, according to the document, is Value Convergence (VC) Holdings Limited. If the parties reach a final agreement, the deal would raise $17 million or roughly 147 million Hong Kong dollars.
However, since the MOU does not impose any obligations on potential bargain participants, the total amount may be different.
VC Group operates a securities brokerage and other businesses in corporate finance and the firm said that it is participating in the transaction through its subsidiary Initial Honor Limited. The company also plans to expand its presence in the fintech sector.
The BTCChina exchange, which existed for a record 2305 days, closed in September 2017 due to tightening of China’s crypto policy. Its founder, Bobby Lee, noted that the company and the BTCC brand would continue to develop.
By Ekaterina Ulyanova