Ceyuan Ventures Leads $10M Series A Round For OKCoin.com

Beijing-based Bitcoin exchange platform OKCoin.com says it has completed US$10 million series A round of funding at the end of 2013, according to a company announcement.

Ceyuan Ventures led the round. Mandra Capital and existing investor VenturesLab also participated.

A number of Chinese angel investors including Mike Cai, founder of China Software Developer Network Jiang Tao, and chairman of China Young Angel Investor Leader Association Yang Ning, also joined the round.

OkCoin previously received US$1 million seed funding from VenturesLab and Tim Draper, founding partner of Draper Fisher Jurvetson.

The company says it will use the proceeds on team building, research and development, as well as security improvements.

Launched last December, OKCoin is claimed to be China’s largest Bitcoin exchange platform by trading volume. Its daily trading volumes have reached 300,000 bitcoin.

The company introduced a P2P (peer to peer) lending platform recently, allowing users to lend bitcoin and RMB online.

Last November, another Bitcoin exchange platform, Shanghai-based BTC China received $5 million series A funding from Lightspeed China Partners and Lightspeed Venture Partners.

Founded in 2005, VenturesLab previously invested in companies including NQ Mobile, Chineseall and Docin.

Ceyuan is a Beijing-based early stage venture capital firm focused on IT and emerging growth companies. It participated in Vancl’s US$100 million series G funding last month.

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