BTCC Mining Pool Likely to Sell 49% of Equity
June 26, 2018
BTCC Pool Limited, which is a division to China’s crypto exchange BTCC, is ready to sell 49% of its equity to Hong Kong-based financial company Value Convergence Holdings Limited. The deal is likely to be officially effected soon.
According to the memorandum of understanding concluded by the companies on Sunday, June 24, BTCC Pool Limited agrees to sell 49% of its shares to Value Convergence Holdings Limited (VC) for approximately $17 million. Note that memos of understanding are no legally binding documents yet just demonstrate the intentions of the parties. The terms of memo can be revised and altered.
The would-be share buyer, Hong Kong’s VC is a securities broker and asset manager. The company makes the deal via its subsidiary Initial Honor Limited. Acquiring the mining pool for VC will be another step towards expanding its business in financial technologies.
Note that in January this year BTCC was acquired by Hong Kong-based investment fund. Earlier the company was named BTC China but was forced to move from China to Hong Kong after the People’s Bank of China found ICOs illegal and de-facto banned crypto exchanges. Along with mining pool BTCC provides exchange services with USD/BTC and crypto wallet.
BTCC mining pool is one of the world's largest ones and is ranked 12th by the volume of mined coins. About 1.1% of all new blocks count for this pool.