This week the Chinese company and mining pool, Viabtc has announced the launch of a new cryptocurrency trading platform called Viabtc.cn, enabling trading of Bitcoin and Ethereum for domestic users in China and global users alike.The announcement follows the startup’s recent series A funding back in March which is now being used to expand domestic cryptocurrency trading in China.
At launch, the platform is offering fiat to Bitcoin and Ethereum-based trading pairs, namely CNY-BTC, CNY-ETH. The platform is also allowing trading between ETH and BTC for CNY as well as ETH/BTC.
The launch comes following a ¥20 million (approx $3 million) Series A funding round in March, led by bitcoin mining giant Bitmain.
ViaBTC operating chief Sara Ouyang explained the company’s plans toward expanding its footprint in the cryptocurrency industry. She underlined mining and exchange operations as two important foundations of the industry.
While there are whispers in the community that ViaBTC is discreetly owned by Bitmain, Ouyang denied those rumors to state her company was “100% independent” in running itself and that Bitmain was only an investor.
«ViaBTC is not owned by Bitmain. They are just investing in our new (and promising) business. We are 100% independent in running our own company.»
The launch of the exchange comes at a time when OKCoin and BTCC, two of China’s ‘big three’ exchanges resuming bitcoin withdrawals, which is unlikely to be a coincidence as Chinese regulators complete their months-long inspection of regional exchanges.
Beyond domestic Chinese adopters and traders, the exchange is also welcoming global users to its trading platform with registration with verified identity (KYC) documents.
In the current regulatory climate enforced by the People’s Bank of China, the nation’s central bank, ViaBTC is allowing daily withdrawals up to 10 BTC and 1000 ETC.
At launch, ViaBTC is charging zero fees for withdrawals of BTC and ETH and a 3% fee for CNY withdrawals. Also, the company states it has built a high-speed matching engine that can process 10,000 transactions per second. Moreover, Viabtc says all holdings will be held 100 percent in reserves. The company details that security will offer two-factor authentication (2FA), cold storage, and a multi-signature infrastructure as well.
The company also details the platform will showcase professional charts from the firm Trading View, whose diversified indexes and charting tools provide an even better option for professional traders.
The bitcoin startup hopes Chinese traders will choose Viabtc because it aims to be a “convenient exchange platform supported by extensive technology innovations.” The company says the team has lots of experience in the cryptocurrency and blockchain industry and details that most of the team stems from the Chinese Internet company Tencent and other top tech firms in China.