Behind BTCC's Revamp: Feeless Trades for Three Months, Native Token on the Horizon

Eight months after it shut its doors, the oldest Chinese cryptocurrency exchange, BTCC, is now up and running, with an ambitious rewards system that aims to attract more users to the platform.

Before its closure last year, the old BTCC exchange supported over 90 different cryptocurrency pairings.

For a limited time, new users who register verified accounts on the exchange and make a deposit along with their first trade will earn BTCC points.

These points will then be converted into BTCC tokens later, which will be the native token of the exchange.

Users are basically given the sum of the transaction fee on a trade in the exchange's native currency.

BTCC is not operating in the transaction-fee mining model, but it has promised a zero-fee trading scheme for the first three months of the exchange's operation.

BTCC marketing manager Aaron Wen told Cointelegraph that the exchange's reward-points system was preferred to the transaction-fee mode that has been adopted by a number of other Chinese exchanges.

"The trans-fee model is very popular, especially for Chinese exchanges at the moment. There's still a business risk, so our management is reviewing this model and analyzing how it can be sustained in the long run. For now, giving away points for trading that can be converted into our token in the future is what we think makes sense for our business."

What remains to be seen is when the exchange will finally launch its native token for the platform.

BTCC was a well-run, popular exchange that was of the view that it didn't have a better option than to close the doors of the exchange.