SOURCE: Lightspeed Venture Partners

November 18, 2013 14:00 ET

China's Bitcoin Market Grows in Popularity

World's Largest Bitcoin Trading Platform Announces VC Investment

HONG KONG, CHINA--(Marketwired - Nov 18, 2013) - The world's largest Bitcoin trading platform, BTC China (https://www.btcchina.com) announced today that it has received USD $5 million in Series A financing from institutional investors Lightspeed China Partners and Lightspeed Venture Partners. BTC China, founded in June of 2011, has always been the oldest and largest Bitcoin exchange in China with the highest trading volume and market liquidity, and the largest number of registered users. That is why it is the most-trusted Bitcoin exchange in China. This investment is a milestone for BTC China and also a landmark event for the entire Bitcoin industry in China.

BTC China recently became the world's largest Bitcoin exchange by trading volume according to industry authority Bitcoinity.org. In the past couple of weeks, BTC China's trading volume has exceeded that of Mt.Gox and BitStamp. The site has reached 90,000 Bitcoins in daily trading volume, and over 200 million CNY in daily transactions. In China, several Internet companies already accept Bitcoin for payment. Internationally, Bitcoin has gained even wider acceptance, with tens of thousands online merchants accepting payments in Bitcoins.

BTC China's CEO and Co-Founder, Bobby Lee, is pleased with the institutional investment, and said, "We are extremely excited about Lightspeed's investment, given their excellent track record and deep knowledge of the Bitcoin ecosystem. This investment is a huge endorsement to our team at BTC China, and will allow us to keep innovating, to become the best Bitcoin company worldwide. We will continue to build the most reliable and secure Bitcoin trading platform for the China market, to offer great customer service, and to have a global impact on Bitcoins."

Lightspeed China Partners' Managing Director and Co-Founder, Ron Cao, commented, "The BTC China team is strong in terms of both technology and long-term vision. We think that under the leadership of the founding team, BTC China will continue to build out the Bitcoin ecosystem and bring more efficiency and value to the Chinese consumers, enterprises, and the overall financial services industry."

"Bitcoin is igniting tremendous innovation in financial services around the world," said Jeremy Liew, partner at Lightspeed Venture Partners, "China is one of the areas where that innovation is happening fastest, which is why BTC China is now the biggest Bitcoin exchange in the world. Lightspeed is excited to support that innovation."

About BTC China
BTC China, founded in June of 2011, is the oldest and largest Bitcoin exchange in China, with the highest market liquidity. It has the largest number of registered users and is the most-trusted Bitcoin exchange in China. The company provides its customers the most secure and reliable trading platform, as it has been operating successfully for over two and a half years.

BTC China's founders (Bobby Lee, Linke Yang, and Xiaoyu Huang) and senior management team have years of technology, finance, and Internet online experience spanning multiple relevant fields. CEO Bobby Lee graduated from Stanford University and has previously held senior management positions at Walmart China's e-commerce division, SMG's BesTV New Media, EMC China, and also at Yahoo! in Silicon Valley. For more information, please visit https://www.btcchina.com.

About Lightspeed Venture Partners
Lightspeed Venture Partners is a leading venture capital firm with over $2 billion of committed capital under management and investment professionals and advisors in Silicon Valley, India, Israel and China with Lightspeed China Partners. Over the past two decades, Lightspeed partners have backed more than 200 consumer, enterprise and cleantech companies, many of which have become leaders in their respective markets, including Blue Nile, Brocade, Ciena, DoubleClick, eHealth, Flixster, Fusion-io, Informatica, Kosmix, LivingSocial, Lucky Pai, Nicira, Playdom, Pliant Technology, Provigent, Riverbed Technology, Solazyme, TutorVista, Virsa Systems, Waveset, and XtremIO. http://lsvp.com

About Lightspeed China Partners
Lightspeed China Partners (LCP) is a leading venture capital firm in China focused on early-stage investments in Internet, mobile, services and enterprise solution companies in China. With strong backgrounds in company operations and entrepreneurship, the partners of LCP are committed to helping a new generation of Chinese entrepreneurs become industry leaders, build world-class companies and create social impact. LCP offers international value-added capabilities through its relationship with Lightspeed Venture Partners (LSVP).

Press contact is Mr. Kenneth Ling, who can be reached at:
kenneth.ling@btcchina.com.

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