Not long ago, a Beijing-based mining giant known by the name of Bitmain has reportedly invested a total of $1.6 million in BitKan, a company known for their data and trading services that works via Bitcoin.
At this moment in time, Bitmain represents the sole investor present in the Series A funding round, following the angel round investment that the company had received last year, in November.
It is important to point out the fact that initially, BitKan served as a Bitcoin news provider that also allowed traders to either buy or sell bitcoin via its partner exchanges. Later on, the company took things to the next level and therefore started to offer OTC Bitcoin trading services.
Recent reports indicate that Bitmain and BitKan have already been cooperating for a prolonged period of time, in a couple of areas including advertisement and promotion of the Bitmain products. With the help of this investment, BitKan aims to further expand its over-the-counter trading services, which have recently gained quite a lot of popularity in the region.
According to the company’s CEO, Liu Yang, the company aims to soon expand to the United States, and also focus on a couple of non-BTC areas as a way of maintaining flexibility in his business model. In a recent press statement, Liu said that: “We will register a company in the U.S. as the first step of our globalization strategy. This is the reason that we need investment. We will plan to expand into non-BTC areas to maintain maximum flexibility facing uncertain market condition, but we believe that the soundness of our plans eventually show if we continue to focus on creating values for our customers”
Based on everything that has been outlined so far, what do you personally think about this investment? Let us know your thoughts in the comment section below.
If you liked this article follow us on Twitter@themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
The U.S. Supreme Court has delayed its highly anticipated ruling on the legality of President…
President Donald Trump has officially closed the door on any possibility of a pardon for…
Ethereum has officially crossed the ~$300 billion mark in application total value locked (TVL), solidifying…
The U.S. Securities and Exchange Commission has approved Bitwise’s spot Chainlink ETF, marking the first…
Rumble and Tether have officially launched the Rumble Wallet, a self-custodial crypto wallet integrated directly…
BNB Chain is preparing to activate its Fermi hard fork on January 14 at 2:30…