OKCoin raises $10M in Series A round to become China's biggest Bitcoin exchange

By VCPOST Staff Reporter

Mar 17, 2014 06:44 AM EDT

OKCoin announced that it has secured $10 million in its first round of funding led by venture capital firm Ceyuan. The company is also claiming to be the largest exchange in China by trading volume, according to CoinDesk.

Ceyuan founder Feng Bo said of the deal: "We are delighted to invest in the pioneer of China's bitcoin exchanges; given the company's leadership under Star Xu and his team, we know there is much more good news ahead."

Mandra Capital, VenturesLab, and other high-profile angel investors such as Tim and Adam Draper, and Boost VC also invested in OKChina. In spite of the Chinese government's effort to regulate bitcoin and the plunge in trading volume, venture capitalists are still supporting the cryptocurrency, the report detailed.

According to Examiner, OKCoin will use the capital infusion for its, product development, security improvement, and international and workforce expansion. Boost VC had committed to help support 100 Bitcoin startups for the next three years, the report added.

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