BTCC Pool Limited, the mining pool business of cryptocurrency exchange BTCC, has provisionally agreed to sell 49 percent of its equity.
According to a memorandum of understanding published on Monday by BTCC Pool and its potential buyer, Value Convergence Holdings Limited - a Hong Kong-based financial service firm - the deal would raise 147 million Hong Kong dollars if finalized.
It should be noted that the MOU is non-legally binding and the deal is subject to further revision and negotiation.
Publicly traded in Hong Kong, VC Group is a securities brokerage and asset management firm.
The firm said in the MOU that the deal is being made through its wholly-owned subsidiary Initial Honor Limited, and comes as part of a wider effort to grow its business by a move into the financial technology industry.
The news comes soon after BTCC itself was acquired by a Hong Kong-based blockchain investment fund in January of this year.
As previously reported by CoinDesk, BTCC - previously called BTC China - was forced to shift its business overseas after the People's Bank of China outlawed initial coin offerings alongside a de facto ban on crypto exchange services.
Currently its three main areas of business include the mining pool, a cryptocurrency wallet called Mobi and a USD/BTC exchange.
Info shows that, currently, BTCC Pool accounts for 1.1 percent of bitcoin's hashing power, a decline from the figure of 3.3 percent recorded earlier this year.
CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Bitcoin Miner BTCC to Sell Stake in Pool for $17 Million
Published on Jun 25, 2018
by Coindesk | Published on Coinage
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