BitKan, a Shenzen, China-based provider of cryptocurrency services, secured $10m in Series B funding.
The round, which follows a $2.4m Series A funding in 2016 and a $300k angel round in 2015, was led by new investor Zhongyunhi Capital, with support from another new investor IDG Capital and existing investor Bitmain.
The company intends to use the funds for the development, promotion and operation of K Site as well as related products and services, such as E-wallet, payment and big data, and for its international expansion.
Founded in 2012 and led by Yu Fang, CEO, and Liu Yang, president, BitKan provides cryptocurrency services including a website that features price viewing, latest news articles, mining monitoring, price alert and E-Wallet services and the newly-launched social network hub “K Site”.
K Site, which will launch an open beta on April 20th, will be a new feature within BitKan’s app which hosts a variety of groups based on interests, and produce quality contents including micro-blogs, full articles, videos and Q&A sessions.
The company will also have its own token, dubbed “KAN”, which can be used to pay the coin-to-coin exchange fees and reward content.
To date, BitKan has more than 1 million registered users globally. Both BitKan website and app are available in English, Chinese, Japanese and Russian.