The BTCC Mining Pool may sell 49% of the shares for $ 17 million

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The parties to the deal recently signed a “protocol of mutual understanding”, which, however, does not impose on them any legal obligations

Mining division of the BTCC crypto exchange, preliminary agrees to sell 49% of the shares.

The transaction amount, according to the documents published on Monday, will amount to 147 million Hong Kong dollars (17 million US dollars). The purchase of a part of BTCC Pool and Value Convergence Holdings Limited will take place if its participants sign a final agreement. Signed documents, in particular, the protocol of mutual understanding, as noted by the media, do not contain legal obligations: the terms of the deal will be discussed further.

VC Group sells brokerage services in the securities market and manages assets. The firm claims to participate in the transaction Initial Honor Limited, its subsidiary. The purpose of the purchase is to expand the Group’s presence in the financial services sector.

BTCC, formerly known as BTC China, had to suspend its work in China, as the country’s supervisory authorities actually recognized the centralized trade in crypto-currencies on the exchanges as illegal. For today the company develops several new directions of rendered services: among them a pool for the production of crypto-currency, a purse for tokens and a stock exchange, oriented to work with the fiat dollar and bitcoin.

The share of BTCC Pool now accounts for about a percent of the hash-capacity of the entire bitcoin production network, and at the peak of growth, this figure was just over three percent.

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