Bikan raised tens of millions of RMB in its A round and launched a new Bitcoin OTC product

The Bikan 3rd Anniversary Music Party on April 9 was full of surprises. Not only were there beautiful songs, fine wines, and beautiful women, but Bikan’s new over-the-counter trading products were also unveiled on the scene. At the same time, the Bikan team also announced the good news that it had just completed a tens of millions-level A round of financing.

Since its establishment in 2013, BiKan is a website focusing on digital currency market information. To date, its "BiKan Bitcoin" mobile application has realized many functions such as real-time market information, industry news, trading functions, mining monitoring, and sharing and sending coins.

Received 10 million yuan investment from Bitmain in Series A

In September 2015, Bikan received a million-level investment from Lanqi Venture Capital. Less than a year after the completion of the angel round of financing, Bikan successfully completed its A round of financing in April 2016. The investor was Bitmain, a well-known company in the industry, and the investment amount was tens of millions of RMB.

Talking about the financing process, Bikan COO Yu Fang revealed that due to Bikan’s latest products and its contact with Bitmain, the two parties reached a consensus on the future development of Bikan and Bitcoin, which led to this financing.

Release OTC products, from media to application tool platform

At the Bikan 3rd Anniversary Music Party, the Bikan team also announced a new product that will be released soon: localbitcoin.

The launch of over-the-counter products means that Bikan has successfully completed the transformation from a media attribute to an application tool platform.

Talking about why the new product is involved in the field of over-the-counter trading, Yu Fang said: "This is the last link of Bikan's basic application in Bitcoin - trading. We have previously covered market conditions, information, mining, and wallets. Of course, Bikan's focus has always been on providing tools and platforms for Bitcoin users. The current new OTC function is not in conflict or separation with the original product planning, but an important supplement. The Bikan team will still make overall plans and continue to develop based on the original products."

The OTC product has actually been in preparation for a long time. Since the second half of last year, planning has been started, and a large investment and deployment have been made in product security and infrastructure. The product will be seamlessly integrated with the existing Bikan app, striving to make the transaction process of Bitcoin users as simple as possible.

"Small but beautiful" team with strong strength

The good news released one after another proves the strength of Bikan. The Bikan team has always been known for being small but beautiful, and is called the "Huawei Gang" by people in the Bitcoin circle. Since its inception, the team has been composed of four former Huawei employees with more than 10 years of work experience. This year, Bikan welcomed the fifth employee. Next, the Bikan team will appropriately expand its scale to support the subsequent business expansion.

Bikan not only takes the lead in displaying market conditions on mobile terminals, aggregates and displays real-time market conditions of dozens of Bitcoin exchanges at home and abroad, but also deeply integrates information, comments, transactions and other content, pushes the latest news and information at the first time, and has reached agreements with many trading platforms. Users can directly trade on Bikan by binding their accounts. From now on, perhaps we will see more efforts in OTC transactions and overseas markets.

As for the next step, "we will improve the new products and platforms of Bikan and continue to expand overseas markets," Yu Fang said. "We will also consider the application of Bitcoin payment and blockchain."