According to the exchange’s CEO, Star Xu, a bulk of the funds will be invested into team-building at the exchange, which currently sees a trade volume of about 50,000 bitcoins daily. In addition, the funds will be used for research and development purposes, security improvements, and perhaps most interestingly, to expand OKCoin’s operations outside of Chinese borders. Details on expansion are not presently available, but we’re likely to get more information on that in the coming weeks.
The move comes as the popularity of bitcoin continues to remain in China, but certainly not as popular as it was last year in November, bringing the value per bitcoin up significantly (above $1,000 USD).
With major investments in the millions of dollars range, VC outfits are showing the world that bitcoin goes far beyond being an enthusiast’s evening project. It’s the real deal — and it’s big business.