China’s relationship with bitcoin has seriously been on the rocks these past few weeks. Between the MyCoin scandal that saw over $8 million in bitcoins disappear, to the latest cyberattack on BTER that resulted in over 7,100 stolen bitcoins, to the voice of lawmakers calling for a full-on ban on the digital currency, things just aren’t what they could be.
However, we’ve all heard the old saying “New year, new start,” and with the celebration of the Chinese New Year, Beijing-based bitcoin exchange OKCoin has emerged from the shadows and given away a whopping one-and-a-half million dollars in bitcoin to celebrate bitcoin’s new start and to promote its new “red envelope” campaign. The giveaway also represents a fresh start for the exchange as this news comes less than two weeks following the exit of former CTO Changpeng Zhao.
The digital giveaway was inspired by an age-old Chinese tradition in which money is exchanged in red envelopes, and the promotion witnessed the signups of nearly half a million new users.
The company expressed enthusiasm over the promotion and the giveaway, stating:
“The campaign lasted for roughly a week, with a consistent engagement from the domestic market. OKCoin’s red envelopes gave away a total of 10 million RMB, making this the largest initiative on Chinese soil… Users who followed our OKLink site were able to send and receive red envelopes. The amount in each of the envelopes varied and were sent to those who signed up to follow our OKLink account on We Chat, consequently with the initiative to claim their red envelope by signing in to our OKLink wallets.”
The campaign saw over 100,000 new users sign up within the first four hours, and the company is now planning an English-version of its red envelope campaign for international users.