Bitcoin-Miner BTCC will Sell a Share in the Pool for 17 Million Dollars

BTCC Pool Limited agreed to sell 49% of its capital. According to the Memorandum of Understanding, published on Monday, the price of the deal will be $17 million. VC Group will be a buyer.

Publicly traded in Hong Kong VC Group, is a brokerage company for the management of securities and assets. The company stated that the purchase transaction will be made through a subsidiary of Initial Honor Limited. It is part of a wider effort to develop its business by moving into the financial technology industry.

This news came shortly after BTCC itself was acquired by the investment fund in January of this year.

As previously reported, BTCC, formerly known as BTC China, was forced to transfer its business abroad, after the People's Bank of China announced that the ICO was illegal. According to the site blockchain.info, BTCC Pool occupies 1.1% of all hash-capacity of bitcoin. This figure is 3.3% lower than in January 2018.