SINGAPORE, Feb. 18, 2019 — Singapore-based ABCC Exchange announced today that a consortium of investors, led by its co-founder Calvin Cheng, and Singaporean investor Eric Cheng, has acquired a controlling majority stake in the company.
ABCC Exchange, headquartered in Singapore, has offices in Malta and Gibraltar, and was for the most part of the second half of 2018, one of the top 10 exchanges in the world by volume. Today, the exchange has a daily trading volume of US$35 million with communities in 12 different languages. It also recently entered a partnership with TRON, being the first crypto exchange in the world to list tokens based on the TRC10 technical standard.
Both Mr. Calvin Cheng and Mr. Eric Cheng have a significant track-record in acquiring and investing in crypto assets. Mr. Eric Cheng became the first foreigner to own a 100% stake in a Japanese FSA-licensed Crypto trading platform in May 2018, after acquiring Japanese crypto exchange BitTrade for US$50 million. Mr. Cheng subsequently sold a majority stake in BitTrade to global crypto giant Huobi. In January 2018, Mr. Calvin Cheng spearheaded a Hong Kong-based consortium to acquire the assets of BTCC, then the world’s oldest crypto exchange.
Mr. Eric Cheng said, “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 10 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.”
Concurring with Mr. Eric Cheng, Mr. Calvin Cheng said, “I found the right partner in Eric who has demonstrated his capabilities as an international entrepreneur with a strong track record. 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 crypto currency market.”
Following the acquisition, ABCC will continue building its presence in Europe and South East Asia, its two primary markets. From its headquarters in Singapore, it will focus on listing high-quality projects that adhere to the regulatory environments it operates in.