BTCC Announces Ethereum Preference
BTC China, now more commonly known as BTCC, is the world’s second-largest bitcoin exchange. Founded in 2011, it was China’s first bitcoin exchange and was run by a couple of BTC entrepreneurs. Current CEO of BTCC, Stanford computer science graduate, Bobby Lee, came on board in 2013 to create rapid expansion and oversee market share growth.
Recently, BTCC announced their new USD-to-Bitcoin exchange and during the Money 20/20 event in Las Vegas at the end of October, BTCC announced their newest product, Mobi. Bobby Lee, while strutting around the stage wearing a hat with the words, “Make Bitcoin Great Again,” unveiled a global mobile wallet payment app. He also stated, “Bitcoin as money is the new killer app.”
During his panel at Money 20/20, Bobby Lee discussed how there is no truly global payment system. People all around the globe have to convert their currencies in case they want to send money out of the country or visit another part of the world. These conversions cost a hefty fee, diminishing the total amount, and discourage potential clients from future money transfer attempts. BTCC’s new global mobile payment app is their solution to being able to pay anywhere and with any currency.
However, bitcoin isn’t the only currency BTCC is interested in. Due to BTCC’s new US launch and mobile payment app, they announced support for Ethereum Classic (ETC) over the new Ethereum chain created after the hard fork from July of this year.
The Ethereum hard fork presented a lot of controversy to everyone involved in the technology. While some saw it as a way to fix a flaw in a maturing network, others saw it as an infringement and breach of the very ideology that created Ethereum. The controversy evolved into two separate communities of the Ethereum protocol, with each group separately building Dapps and tech around the platform they believe in. A few key members and developers in each space believe that both chains could remain viable platforms for different use-cases, adding to the blockchain ecosystem as a whole.
With the addition of BTCC announcing their support for ETC, the price has hit an incline. At the time of this writing, within a six-hour interval, ETC has climbed up 6%. With BTCC being one of the most dominant bitcoin exchange in the world, it’s possible that ETC will continue to see an incline.
*This article is not meant to be read as an authoritative price analysis or taken as investment advice. Contact your professional investment advisor for virtual currency investments.