A lot of cryptocurrency companies are looking to expand their global presences. That is much easier said than done, especially given the current regulatory climate affecting this industry. BitKan, one of China’s leading cryptocurrency service providers, recently secured $10 million in Series B funding to accelerate its growth.
BitKan is on a Roll
Growing a cryptocurrency service company into a global entity is not simple by any means. Although it can be done with a bit of effort, luck, and sufficient funding, it is not that easy to ensure all three factors align perfectly. For BitKan, it seems things are coming together quite nicely as of right now, even though the company is still pretty ambitious overall.
More specifically, the company plans to expand the overall reach of its new social network hub, K Site. Additionally, BitKan wants to make a global impact by expanding to other countries as quickly as possible. All of this is very interesting, and not entirely unachievable. However, doing so will require additional funding, which is why the company’s Series B round is all the more important to keep an eye on.
With another $10 million in their pocket, BitKan can now look toward the future. It seems they have attracted the attention of a brand-new investor, which is something we don’t see all that often in the world of cryptocurrency. It’s a positive development overall, although it remains to be seen if this money will help the company achieve its goal in the near future.
It is evident China doesn’t have the best of reputations when it comes to cryptocurrency. With the country banning all CNY trading of Bitcoin and altcoins, the tone was set some time ago. Even so, companies providing cryptocurrency services are still pretty popular, and BitKan is reaping the benefits of this particular trend.
It will be quite interesting to see how K Site affects the world of cryptocurrency and blockchain technology. It is a social media platform focusing on content creation that is designed to host groups based on interests. On paper, it seemingly has little to do with cryptocurrency, although the platform will use its native KAN token to reward content and so forth.
The main order of business for BitKan is to expand overseas. As of right now, the focus lies on increasing its international customer base, as the company already serves clients outside of China. It’s a very positive development for the cryptocurrency industry as a whole.