Acquisitions in both cryptocurrency and traditional finance are fairly common, though most of them include a purchase by a specific company or entity. However, the recent acquisition of Singapore-based ABCC Exchange is a little different, considering that the purchase was made by a group of otherwise unrelated investors. According to reports, the purchase, which has given these investors a majority stake in the company, will be used to
“aggressively scale ABCC into a world-leading crypto exchange platform.”
The exchange released a statement, showing that the co-founder Calvin Cheng and investor Eric Cheng are still leading it. However, there are no details regarding the recent transactions on the account. Eric Cheng became the first foreigner with 100% ownership in a crypto trading platform in Japan, as of May 2018, due to his $50 million purchase of Bitrade. Most of the shares of the company were subsequently sold to Huobi, another crypto exchange. Still, during that time, Calvin Cheng worked to acquire BTCC’s assets. BTCC is presently one of the oldest crypto exchanges in the entire world.
Singapore Entrepreneurs Acquire Majority Stake In ABCC
"Looking ahead, we will leverage on Eric's international network and passion for blockchain technology as we continue to expand geographically"
– Calvin, ABCC CEO
Read it here:https://t.co/dc0R8yrovW
— ABCC Exchange (@ABCC_Exchange) February 18, 2019
Right now, ABCC Exchange’s headquarters remain in Singapore, though there are also offices in Gibraltar and Malta. Even though based on the information offered by CoinMarketCap, ABCC Exchange is ranked 71st by trading volume, they used to be in the top 10 ranking during the second half of 2018.
Now, the focus is to establish a stronger presence in South East Asia and Europe, which are the two primary markets. Eric Cheng stated,
“I am confident in the future of ABCC with its globally renowned and highly scalable platform. ABCC is well-established in the west, particularly in Europe, and is one of the top ten exchanges in the world by volume. Backed by my strategic alliances within the crypto industry together with detailed plans to scale ABCC, I strongly believe that we will be able to accelerate ABCC's growth into a world-leading platform.”
Calvin Cheng added,
“I found the right partner in Eric who has demonstrated his capabilities as an international entrepreneur with a strong record of accomplishment. Looking ahead, we will leverage on Eric's international network and passion for blockchain technology as we continue to expand geographically. I believe that with the right licenses in place, ABCC is in a strong position to be one of the top crypto exchanges. This is just the beginning as we look to grow ABCC into a dominant player in the cryptocurrency market.”
“the first crypto exchange in the world to list tokens based on the TRC10 technical standard.”