Crypto data startup BitKan from Shenzhen has managed to raise $10 million in its series B funding round. The funds have mainly come from Chinese leading financial firm called Zhongyunhui Capital with Bitcoin mining company Bitmain and IDG Capital also contributing greatly according to the company’s announcement today. Bitmain has always been an existing investor and supporter to BitKan having invested $1.6 million for the startup in 2016.
The startup has indicated that it will use the raised funds to expand its business which will include building a platform called K site in its already existing application which the company expects to go into open beta. More to that they are also planning to have new offices in HongKong and also in Tokyo as part of the expansion plans.
BitKan’s new service is expected to be a paid platform which will share user-generated content with most of the users paying to access all the material within the company’s planned KAN token. It has also touted the new platform to push for higher quality content like having investment strategies of penetrating the Chinese cryptocurrency market so as to respond to allegations that the startup is fueled by ‘fake ICO whitepapers and many scams.’
According to BitKan CEO Yu Fang:
“Having free content would only attract page views but having a paywall would improve content quality considerably.”
This startup was started in 2012 with the firm originally starting as a platform for over the counter trading which also provided crypto mining data and prices as well as having wallet services. This latest funding has marked the company’s latest effort to look for revenue. This is because its OTC platform was closed after the Chinese government banned initial coin offerings and well as all domestic trading services last year. The ban affected many companies with some deciding to relocate to other countries to continue with business.