Singapore's ABCC Exchange Acquired Collectively by Investors, Plans to Make World-Leading Platform

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.

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.”

In recent news, ABCC Exchange chose to partner with TRON, which Markets Insider states are

“the first crypto exchange in the world to list tokens based on the TRC10 technical standard.”

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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