China’s Largest Exchange Gets $10 Million Thanks to VC Funding

OKCoin, which claims to be the largest exchange in the country by trading volume, has raised its capital by as much as $10 million in venture capital funding.

The information was provided by the Kuailiyu (Chinese site).

China has many VC firms, but the funding was provided by Ceyuan that was one of the first companies that provided these services. Soon after, VentureLab, Mandra Capital and other big investors joined the effort to support Bitcoin exchange.

Spending the Funds

As Star Xu, Chief Executive of the OKCoin said, a large part of the money gained will spent on expanding the team. The reasons behind this are simple, just imagine the number of people required to support the transactions of 50 thousand BTC every day.

The rest will be devoted to R&D, security and expanding their business abroad. Last news are much more interesting, as OKCoin, with user base like it already possess, could potentially become more new MT.Gox. Hopefully, with a happy ending.