First Bitcoin Capital Corp. (OTC PINK: BITCF) and their subsidiary cryptocurrency exchange CoinQX has announced the opening of its new offices in Shanghai, China to accommodate its accelerated growth and future expansion plans into China and other Asian markets.
BITCF has designed its trading platform (currently in beta) to cater to Chinese bitcoin traders and will be offered in Mandarin. New offices in China will provide space for customer support, engineering and other important functions for the Chinese market. CoinQX will implement government-imposed anti-money laundering (AML) and foreign exchange regulations.
A spokesperson for First Bitcoin Capital said:
“Expanding CoinQX.com in China will allow us to increase our customer base in key areas that align with our current and future growth plans. We will actively attract talent to join the team. Our team is excited about the rapid growth plans we have developed for China and this move represents a commitment to continue to expand into the world’s largest bitcoin trading market.”
China remains the largest market for bitcoin trading and is still responsible for the majority of all bitcoin trading volumes. Even the recent inquiries by the PBOC will not deter Chinese traders from getting involved in bitcoin. Nor should that be the case, as the PBOC reportedly has no direct plans to ban bitcoin.
Volumes of bitcoin trading increased as China’s foreign reserves shrank, by about 8% to $3.05 trillion in 2016. Meanwhile, the yuan weakened against the dollar, causing a flow of money out of the country and increasing interest in bitcoin and other cryptocurrencies.