Hong Kong Exchange Tidebit Seeks To Capitalize On Chinese Cryptocurrency Crackdown

October 4, 2017 1:41 pm Published by

Chinese investors forced from China’s markets after the government crackdown on cryptocurrency are being targeted by the Hong Kong-based bitcoin exchange Tidebit, a Bitcoin.com report Wednesday said.

The crackdown represents a once-in-a-lifetime opportunity for Tidebit to expand its operations by capitalizing on the vacuum left from the exodus of capital from China’s bitcoin economy, the report said.

Tidebit, launched in 2015 by former think tank researcher Chen Ping, is owned by Tideisun Group, the report said. Chen is best known for his role in setting up the iSun Affairs online magazine – a media outlet mainly concerned with political and social issues that are typically censored on the Chinese mainland, the report said.

According to Terence Tsang, Chief Operating Officer of Tideisun Group “the ban did not stop [Chinese investors] from buying cryptocurrencies… In the last few weeks, we have seen a lot of mainland customers opening up accounts at Tidebit. They still want to play the game. I see a growing need in that they will come to Hong Kong or Singapore to buy cryptocurrency.”

Tsang said Tidebit grew from of “a documentary video platform,”, adding the platform “liked users to pay using Bitcoin or Ethereum and… asked, ‘where do they get Bitcoin?’” Upon realizing that “there weren’t many virtual currency exchanges in Hong Kong,” the entrepreneur claims to have decided to start his own, Bitcoin.com reported.

Transactions of approximately 50-100 bitcoins daily are handled by the platform, the report said, and users can access its customer service through the popular messaging platform Whatsapp.

In addition, the report said, the company “also offer[s] different products like payment solutions, wire transfers and different types of blockchain projects. [Tidebit is] not just a trading platform, we also have a blockchain ecosystem,” Tidebit main progress hacker Vincent Poon said.

As for future plans, Poon said Tidbit plans to offer more trading products, saying, “right now it’s a trading platform to buy Bitcoin and Ethereum. We are planning to offer more financial products like futures and derivatives” in addition to “getting a bitcoin exchange license in Japan.”

Tidbit’s goal, Tsang said, is to enter the bitcoin markets of Singapore and Taiwan, the report said.

WN.com, Jack Durschlag

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