Crypto Data Startup BitKan Raises $10 Million in New Funding

After closing its OTC trading service, Chinese bitcoin startup BitKan is looking to expand its business with $10 million in a Series B round.

AccessTimeIconApr 4, 2018 at 1:20 a.m. UTC
Updated Sep 13, 2021 at 7:46 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Shenzhen-based cryptocurrency data startup BitKan has raised $10 million in a Series B funding round.

Leading the round is a Chinese financing firm called Zhongyunhui Capital, with IDG Capital and bitcoin mining giant Bitmain also contributing funds, the company announced Wednesday. Bitmain is an existing investor in BitKan, having invested $1.6 million in the startup in 2016.

BitKan said it will use the new funds to expand its business and build a platform dubbed "K site" within its existing application, which is expected to go into open beta on April 20. The company is also planning to open offices in Hong Kong, Singapore and Tokyo as part of its expansion plans.

The new service is envisioned as a paid platform that shares user-generated content, with users paying to access this material with the startup's planned KAN token.

BitKan touted the new platform as a push for higher quality content, such as investment strategies for the Chinese cryptocurrency market, as a response to an environment that the startup said is fueled by "fake ICO whitepapers and scams."

"Free content can only attract page views, but putting up a paywall can improve content quality considerably," CEO Yu Fang explained.

Founded in 2012, the firm originally started as a platform for over-the-counter (OTC) trading that also provided cryptocurrency price and mining data, as well as wallet services.

The funding marks the firm's latest effort to look for new revenue following the closure of its OTC platform after the Chinese government's clampdown on initial coin offerings and domestic trading services last year.

Miniature via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.