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Cryptocurrency Startup BitKan Completed $10-million Funding Round

BitKan cryptocurrency data firm funding round Shenzhen

Chinese cryptocurrency data firm BitKan has successfully completed its latest funding round, according to reports emerging from the firm today.

The Shenzhen-based company secured $10 million as its Series B funding round drew to a close, with the backing of investors including mining giant Bitmain, IDG Capital and Zhongyunhui Capital.

Having previously contributed some $1.6 million in investment in the firm, Bitmain’s additional investment comes as a further vote of confidence in the startup, as it continues work on its cryptocurrency data platform.

On securing the funds, BitKan spoke of its plans to expand its current business, as well as a new project, known as “K Site,” to be developed within its current infrastructure. The project, which is expected to launch in beta later this month, will allow for the sharing of user-generated content on a paid basis, funded by its envisaged KAN token.

According to BitKan, the platform is seen as a mechanism for driving up the quality of content, with a specific focus on the cryptocurrency and ICO sectors in China, which has been largely driven by “fake ICO whitepapers and scams.”

BitKan CEO Yu Fang suggested that the paywall mechanism would drive up the quality of content published through the platform, over and above free user-generated content.

“Free content can only attract page views, but putting up a paywall can improve content quality considerably.”

BitKan was originally founded in 2012, initially envisioned as a platform for OTC trading, cryptocurrency mining and price data exchange, and crypto wallet services.

However, following changing government attitudes in China since its launch, the firm saw its OTC platform shut down in the latest round of restrictions against ICO and cryptocurrency trading platforms in the country.

The K Site project aims to offer an alternative route to market for the startup, as it seeks to rebuild from its earlier difficulties in the domestic market. With the backing of several key investment partners now in the bag, BitKan can continue to develop its platform for paid content sharing via the blockchain.

The funding will be seen as another positive development for the firm and the wider sector, with investors increasingly turning to opportunities in blockchain technology and cryptocurrency sectors.

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