Crypto Data Startup BitKan Raises $10M In New FundingApril 4, 2018 3:50 pm
BitKan, a Shenzhen-based cryptocurrency data startup, has raised $10 million in a Series B funding round, CoinDesk reported Wednesday.
Top funding firms include Chinese financing firm Zhongyunhui Capital, IDG Capital and bitcoin mining giant Bitmain, the report said.
Bitmain, an existing investor in BitKan, already invested $1.6 million in the startup in 2016.
BitKan plans to use the new funds to expand its business, CoinDesk said, and build a platform dubbed “K site” within its existing application, which is expected to go into open beta on April 20.
In addition, the report said, the company is also planning to open offices in Hong Kong, Singapore and Tokyo as part of its expansion plans.
The new service, the report said, is envisioned as a paid platform that shares user-generated content, with users paying to access this material with the startup’s planned KAN token.
BitKan touted the new platform as a push for higher quality content, CoinDesk reported, such as investment strategies for the Chinese cryptocurrency market, as a response to an environment the startup said is fueled by “fake ICO whitepapers and scams.”
“Free content can only attract page views, but putting up a paywall can improve content quality considerably,” CEO Yu Fang explained.
– WN.com, Jack Durschlag