Derivatives-focused bitcoin trading platform Coinarch is making a push into the Chinese market, with the launch of dedicated local branding and support staff.
The new operation, with the address Coinarch.cn, will be named 币琪 (pronounced ‘bi-qi’). Coinarch is now in the process of registering a local subsidiary and aims to be perceived as a local company, in order to better challenge established competitors like Huobi, OKCoin and BTC China.
Coinarch’s team will also maintain a presence on popular Chinese social networks like Weibo, WeChat and QQ.
The new drive is one of the most substantial moves yet into the Chinese cryptocurrency trading market by an overseas company. Coinarch’s co-founders are Australian nationals, while the company is registered in Singapore.
The Coinarch platform accepts bitcoin only and does not trade in any fiat currencies. This frees the firm from much regulation and makes the service available to all international customers. The company’s prioritizing of China with its branding and marketing effort also reflects that market’s potential significance.
The service is already available in English, Portuguese, Spanish, Arabic and Indonesian. Rival derivatives platform BTC.sx features interface options for both Simplified and Traditional Chinese, Russian, Spanish and Polish.
Coinarch CEO Jeremy Glaros said his company had “received a lot of interest from the Chinese market” since it launched and was glad to seize the opportunity.
Coinarch’s two main offerings are the leveraged trading product ‘Booster’ and the reverse-convertible investment product ‘Maximiser’. Both are designed to be easy to understand and simple for relative beginners, yet also have advanced interface options for more experienced traders.
Coinarch will lure Chinese traders with more attractive conditions, Glaros added, with measures to protect traders’ profits.
“Unlike some alternative bitcoin trading products, our leverage products are not subject to scale-backs, meaning you retain 100% of the profits you earn in all market conditions. This is a huge differentiator in the bitcoin trading arena.”
A scale-back, or ‘socialized profits’ is when an exchange removes some funds from winning traders’ profits to cover a ‘system loss’, which has caused consternation among Chinese bitcoin traders in the past.
Coinarch would now focus on building the “next generation of bitcoin-linked products,” Glaros said, to provide speculators in the bitcoin space the tools to manage their risks and tailor returns.