OKCoin gives away $1.6 million in bitcoin for ‘red envelope’

As a part of China's promotional 'red envelope' New Year campaign, OKCoin, a Beijing-based bitcoin exchange has reportedly given away 10m yuan in bitcoin.

"The campaign lasted for roughly a week, with a consistent engagement from the domestic market. OKCoin's red envelopes gave away a total of 10 million RMB, making this the largest initiative on Chinese soil", the company said.

Around half a million new users signed up for the campaign and bitcoin giveaway was carried out through the WeChat messaging app.