Crypto startup BitKan looks for revenues. Series B funding round of BitKan has started and this Shenzhen based startup has managed to raise $10 million in this series.
According to the company’s latest announcement yesterday, mainly these funds have come from Zhongyunhui Capital with Bitcoin mining company Bitmain and IDG Capital also contributing greatly. Zhongyunhui Capital is the leading Chinese firm and Bitmain has always been an existing investor and supporter to BitKan.
The latest funding started by this startup has marked the company’s latest effort to look for revenue.
BitKan has already invested $1.6 million for the startup two years back in 2016.
According the indications of the startup, it will use the raised funds to expand its business. This business will include building a platform called K site in its already existing application. This already existing application of is expected to go into open beta, according to the company.
Another point worth mentioning is that they gave also plans to have new offices in HongKong and Tokyo as part of the expansion plans.
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New service that is going to be started by BitKan is being expected to be a paid platform which will share content (that is user-generated) with most of the users paying to access all the material within the planned KAN token of the company.
BitKan has also touted the new platform to push for higher quality content such as having investment strategies of penetrating the Chinese cryptocurrency market. This new platform aims to respond to allegations that the startup is fueled by “fake ICO whitepapers and many scams.”
Take a look at the view point of BitKan CEO Yu Fang:
“Having free content would only attract page views but having a paywall would improve content quality considerably.”
BitKan startup was started 6 years ago in 2012 with the firm originally starting as a platform for over the counter trading which also provided crypto mining data & prices along side having wallet services.
The company is looking for revenues because its OTC platform was closed after the Chinese government banned initial coin offerings alongside all the domestic trading services last year.
The ban imposed last year affected many companies that’s why some companies decided to relocate to other countries to continue with their business.
