News.Bitcoin.com recently spoke with Bitkan’s CEO, Fang Yu, about the current situation of cryptocurrency exchanges in China. She also talked about her new venture, i.e., Bitkan ‘K Site’ in detail.
K site is focused on developing a decentralized media outlet which provides rewards to content developers, readers, and the sharing economy. The K Site will also launch a new token named “KAN” and videos, Q&A forums, micro-blog, articles, etc.
K Site is scheduled to launch around April 20. There will be no ICO offerings as the tokens will be cross-funded. The program is backed by prominent investors like IDG, Huobi, Bitmain, and FBG. Fang Yu is persistent about creating a reward based online community culture. This community could assist real business instead of a turning into a group that runs on artificial demand.
Most of the people know Bitkan as the first OTC exchange to follow Chinese guidelines. Fang Yu claimed that her company’s user base continued to evolve even after a shutdown. It was the initial push she needed to come up with a new idea to take advantage of the thriving industry.
She said, “For instance, in our region, we saw a lot of fake news and many new media outlets without responsibility. We hope that with our reputation and user base our platform can offer high-quality content and help gather the actual value of the industry. We want our platform to provide real content so our users can get it directly.”
Yu is certain the Chinese government has sidelined crypto
When asked about the Chinese government she seemed hopeful as more blockchain based projects are coming while the quantity of investors is also growing. She again added that Chinese government does not seem in favor of the crypto community. On the contrary, they are focusing on the blockchain technology. As of now, there are no new steps taken towards the crypto industry which clearly shows their disinterest. This is the sole reason Bitkan is looking for overseas opportunities.
KAN will be working through the Ethereum blockchain. According to Fang Yu Bitkan is not trying to raise capital through an ICO but aim at sharing token’s value with the investors in a quest to create high-quality content. She explains K site not only as a decentralized platform but a new economic experience.
As per bitsonline.com Fang Yu wants the international crypto community to embrace a user-friendly portal to enhance its value. This portal will host news and discussions while providing community driven content for users all around the globe. Users will be able to create shared interest groups called ‘Circles.’ A small amount of fee will be charged to maintain its quality and creators will be able to earn through the creation of exclusive content.
The Chinese government is trying to save investors from fraud projects. Fang Yu also told about various new firms launching ICO without practical or real application. Bitkan has served the largest number of crypto users in China, and its new project can easily gain mass attention worldwide.