During the Satoshi’s Vision Conference in Tokyo, news.Bitcoin.com spoke with the CEO of Bitkan, Fang Yu, about the recent regulatory actions against cryptocurrency exchanges in China alongside her company’s new venture a vertical paid market called the Bitkan ‘K Site.’ The project will attempt to establish a decentralized media outlet that offers incentives to content creators, readers, and the sharing economy. Fang Yu explains that the K Site will also provide a native token called ‘KAN,’ a micro-blog, videos, articles, Q&A forums, and more.
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Bitkan plans to launch the K Site around April 20th, and the token will be cross-funded and not sold as an initial coin offering (ICO). The project is backed by investors such as Bitmain, IDG, FBG, Huobi, and others. The Shenzhen-based company’s CEO Fang Yu believes that a free and equal community culture is needed online and one that is reward based. This way a community can reflect on the ecosystem’s actual business instead of a community built on artificial demand.
Bitkan’s CEO Fang Yu Discusses the Upcoming ‘K Site’
News.Bitcoin.com (BC): What happened last year with Bitkan’s OTC exchange?
Fang Yu (FY): Last year as you must know the Chinese government released some regulatory guidelines towards ICOs, and also the officials shut down exchanges. But later on, some exchanges secretly were using another way to reopen their trade. At the time Bitkan was still a company registered in China, and we thought we should follow the government’s guidance. So we shut down our OTC exchange, and Bitkan was the first OTC exchange to shut down.
BC: Can you tell our readers what Bitkan is doing now?
FY: So many people know Bitkan because of the OTC exchange, but Bitkan is also well known as a news service application. We’ve been established in China since 2013, so we have years of history in the industry. We still have lots of users, and so after we had shut down the OTC exchange, we noticed even after that happened our user base was still growing. It showed us with the users that demand is still increasing for our services. We also noticed in the industry last year the industry saw a huge blooming, but still, there are some problems.
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.
The CEO of Bitkan, Fang Yu.
BC: So there is a token involved with this platform?
FY: The token is called KAN, and it is based on the Ethereum blockchain. An ICO token is not our goal;
