The Singapore-based ABCC Exchange has just announced that a consortium of investors for undisclosed amount has successfully acquired majority control of the company, with upcoming plans to ‘aggressively scale ABCC into a world-leading crypto exchange platform.”
According to information provided by CoinMarketCap, ABCC exchange is currently ranked 71st by trading volume for the time being.
A released statement from the exchange, the consortium is being led by ABCC’s co-founder Calvin Cheng and the high-profile Singaporean investors Eric Cheng. The exchange hasn’t gone into any sort of detail about these recent transactions.
During May of 2018, Eric Cheng was reported to become the first foreigner to own 100% of a Japan-registered crypto trading platform after he successfully purchased crypto exchange Bitrade for a total of $50 million, and later on, sold most of those shares to a Chinese crypto exchange Huobi. At the same time, Calvin Cheng spearheaded a Hong Kong-based consortium to acquire the assets of BTCC, one of the world’s oldest crypto exchange.
ABBC is currently headquartered in Singapore but also has offices open at Gibraltar and Malta. The exchange’s trading volume has fluxed in recent months and was among the top 10 exchanges in the world by trading volume during the second half of 2018.
The company further commented that they have a plan of moving forward by continuing to develop their presence in South East Asia and Europe, which is considered its two most primary markets.
“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,” Eric Cheng said in a comment.
ABCC exchange offers to trade in a hefty catalog of crypto pairs, these include some pairs that are based on the ever-popular stablecoin Tether. Moreover, the exchange currently doesn’t support fiat-to-crypto trading, it still offering an over-the-counter (OTC) service where users can purchase Bitcoin and Ether for US dollars or Euros.