According to a memorandum of understanding (MOU) published on Monday by BTCC Pool and its potential buyer, Value Convergence (VC) Holdings Limited – a Hong Kong-based financial service firm – the deal would raise 147 million Hong Kong dollars (US$17 million) if finalized, provisionally agreed to sell 49 percent of its equity.
BTCC is one of the oldest cryptocurrency firms in the crypto space. It was founded by Bobby Lee who is actually a brother to Charlie Lee (the creator of Litecoin) and boasts of a variety of crypto-related services.
Formerly called BTC China, this company first took shape in 2011 and has now grown to include various departments’ including a mining department called BTCC Pool Limited, a Bitcoin wallet called Mobi and an exchange platform that supports USD/BTC trading pairs.
It should be noted that the MOU is non-legally binding and the deal is subject to further revision and negotiation.
Publicly traded in Hong Kong, VC Group is a securities brokerage and asset management firm. The firm said in the MOU that the deal is being made through its wholly-owned subsidiary Initial Honor Limited, and comes as part of a wider effort to grow its business by a move into the financial technology industry.
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