The daily turnover of Okcoin, a Bitcoin trading platform, soared from 30 million to 100 million yuan ($16.31 million) in five months since its debut in June this year, trailing the recent surge in Bitcoin market (report in Chinese).
Okcoin is a free service targeted at domestic Bitcoin market. To guarantee trading security, Okcoin adopted SSL protocol to prevent theft and tampering of user data. It also offers Bitcoin wallet service, depositing all Bitcoins in offline accounts. Okcoin opened 24 hour hotline to answer various questions of customers.
Xu Mingxing, founder of the company, disclosed that Okcoin currently has 100,000 registered users, most of whom are IT and financial elites. The company secured $1 million of angel investment from Tim Draper, partner of DFJ, and VenturesLab.
As the conversion price of Bitcoin rocketed to more than 2,000 yuan recently, people may kick themselves for not grabbing the chance to make big money, but who would foresee this when the conversion price slashed by half in this April.
Although Bitcoin becomes a hot topic in China, the risks involved with betting on a digital currency still loom. Hong Kong-based Bitcoin trading platform GBL vanished along with $4.1 million stolen from investors, shortly after the wallet service Inputs.io was allegedly hacked last month with 4,100 Bitcoins stolen. 42BTC, a Bitcoin exchange and miner tool manufacturer which failed to ship their products, refused to reimburse the money already paid by customers.
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