The world of cryptocurrency has seen rapid evolution since the inception of Bitcoin, and one of the early milestones in this journey was the rise of trusted digital asset trading platforms. Among them, OKCoin emerged as a pioneering force in China's cryptocurrency landscape when it successfully closed a multi-million-dollar Series A funding round at the end of 2013—an achievement recognized as one of the largest financings in the global Bitcoin ecosystem at the time.
This strategic investment not only validated the potential of blockchain technology but also signaled growing institutional confidence in cryptocurrency infrastructure. Backed by prominent venture capital firms and influential angel investors, OKCoin was positioned to scale its operations, enhance platform security, and expand into international markets.
Strategic Investors and Industry Validation
The funding round drew support from leading early-stage investment funds, including Ceyuan Ventures, Mantu Capital, and Chuangye Factory (also known as Magic Factory). These institutions have historically backed innovative tech startups and recognized Bitcoin’s disruptive potential in reshaping financial systems.
Notable individual supporters included well-known angel investor Kai-Fu Lee (蔡文胜), Huang Jin (founder of Zouxiu.com), Jiang Tao (founder of CSDN), Yang Ning (chairman of the Chinese Young Angels Club), Wang Lijie (founder of Pre-Angel), and Lin Jun (founder of Leifeng.com). Their participation underscored a broad consensus among tech leaders about the long-term value of decentralized digital currencies.
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One of the most significant endorsements came from Tim Draper, legendary Silicon Valley venture capitalist and partner at Draper Associates. Known for his early bets on companies like Hotmail, Baidu, Skype, and Tesla, Draper has been a vocal advocate for Bitcoin adoption. His firm’s involvement, along with the Draper family’s broader investments in blockchain ventures such as Coinbase, CoinLab, and Korbit, highlights a deliberate global strategy to back foundational players in the crypto economy. The investment in OKCoin marked a key component of that vision.
Innovation in P2P Lending and Market Growth
In line with its mission to enhance Bitcoin’s utility beyond simple trading, OKCoin launched a groundbreaking peer-to-peer (P2P) financing and borrowing service—a first among Chinese cryptocurrency exchanges. This innovation introduced a market-driven mechanism for lending Bitcoin and fiat capital, allowing interest rates and funding sources to be determined entirely by supply and demand dynamics.
By eliminating centralized control over loan terms, the platform reduced risks associated with artificial liquidity or reserve manipulation, thereby increasing transparency and user trust. This move aligned with broader industry efforts to promote responsible financial innovation within decentralized ecosystems.
Following the launch of this service, OKCoin witnessed explosive growth in trading volume:
- Daily Bitcoin trading volume surged to 300,000 BTC
- Litecoin trading volume reached an unprecedented 13 million LTC per day
These figures solidified OKCoin’s position as China’s highest-volume virtual currency exchange during that period, demonstrating strong market demand for secure, scalable, and feature-rich trading environments.
Roadmap: Team Expansion, Security, and Global Reach
According to Xu Mingxing, CEO and co-founder of OKCoin, proceeds from the Series A round were primarily allocated toward three core areas:
- Team development – Recruiting top-tier talent across engineering, cybersecurity, financial services, and product design.
- Product innovation – Building advanced trading tools, mobile applications, and API integrations for institutional users.
- Security infrastructure – Strengthening cold storage solutions, multi-signature wallets, and real-time fraud detection systems.
He Yi, then Vice President of Branding at OKCoin and former host at Travel Satellite TV, emphasized the company’s ambition to go global. “We’ve already brought on board world-class professionals from both domestic and international markets,” she said. “Our next phase includes expanding our footprint beyond China and serving a global user base.”
This forward-looking strategy reflected an understanding that while early adoption was regionally concentrated, the future of digital assets would be inherently borderless.
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Frequently Asked Questions
Q: What is the significance of OKCoin’s Series A funding?
A: It was one of the largest early-stage investments in the global Bitcoin space at the time, signaling strong investor confidence in cryptocurrency infrastructure and China’s role in the emerging digital economy.
Q: Who were the main investors in OKCoin’s funding round?
A: Key backers included Ceyuan Ventures, Mantu Capital, Chuangye Factory, Tim Draper, and several high-profile angel investors such as蔡文胜 (Kai-Fu Lee), Jiang Tao, and Yang Ning.
Q: How did OKCoin innovate in cryptocurrency services?
A: OKCoin introduced China’s first P2P financing and borrowing model for Bitcoin, enabling market-driven interest rates and enhancing transparency by removing centralized control over lending activities.
Q: Did OKCoin expand internationally after the funding?
A: Yes, following the investment, OKCoin began laying the groundwork for overseas expansion by hiring international talent and planning to serve a global customer base.
Q: Is OKCoin still operational today?
A: While OKCoin played a major role in early crypto adoption in China, regulatory changes led to a shift in operations. Many former team members went on to launch other major industry players, including OKX—a globally recognized digital asset exchange.
Q: How did P2P financing impact trading volumes?
A: After launching P2P lending, OKCoin saw daily Bitcoin trading reach 300,000 BTC and Litecoin trading spike to 13 million LTC per day—making it the top trading platform in China at the time.
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Final Thoughts
OKCoin’s Series A success story represents a pivotal moment in the maturation of the cryptocurrency industry. It demonstrated that blockchain-based businesses could attract serious capital from respected investors while delivering real-world utility through technological innovation.
Though the regulatory environment has evolved significantly since 2013, especially in Asia, the legacy of platforms like OKCoin lives on in today’s more sophisticated, secure, and globally connected digital asset ecosystems. As new generations of traders and builders enter the space, understanding these foundational developments remains essential.