Eight months after it shut its doors[1], the oldest Chinese cryptocurrency exchange, BTCC[2], is now up and running, with an ambitious rewards system that aims to attract more users to the platform.
Formerly known as BTC China, the company was basically forced to cease its cryptocurrency exchange[3] amid a crackdown on Bitcoin and cryptocurrency trade in China[4] toward the end of 2017.
While the company was able to continue operating its mining pool and mobi wallet[5] after the closure of exchange, the business was bought out by a Hong Kong-based blockchain investment fund in January 2018[6]. With a new team at the helm, the dust was brushed off the cover of the old exchange and was re-launched this week.
Ambitious rewards system
The new exchange supports Bitcoin, Bitcoin Cash, Litecoin and Ethereum trade against the U.S. dollar and cryptocurrency pairings. Before its closure last year, the old BTCC exchange supported over 90 different cryptocurrency pairings[7].
The major talking point of the relaunch is BTCC’s point-based reward system[8], which has garnered a lot of interest in the crypto community.
For a limited time, new users who register verified accounts on the exchange and make a deposit along with their first trade will earn BTCC points. These points will then be converted into BTCC tokens later, which will be the native token of the exchange. It is not yet clear when these native tokens will be launched. Users will also be rewarded points for referrals and other activities on the platform.
The system comes in the wake of some interesting moves taken by a couple of competitive exchanges. Both Coinbene and Bit-Z temporarily flew to the top of
