Singapore-built ABCC Exchange has revealed that speculators for an undisclosed group have acquired it after securing a large control of the organization. Apart from the Asian country, the exchange has workplaces in Gibraltar and Malta and the latest move will enable the Asian investors to enter the European market. In the second half of 2018, the website was among the top 10 Cryptocurrency exchanges by trading volume.
ABCC Exchange Gets New Owners
According to the Crypto trading platform, a consortium of speculators working for the group is now in control of the organization after the deal. CoinMarketCap has reported the trade as the 71st largest Crypto trade. The new group wants to scale the exchange into a global brand.
Identities Of The Consortium Revealed
According to an announcement from the trade, Calvin Cheng and Eric Cheng are the two men behind the consortium. Eric Cheng is a renowned Singaporean financial exchange while Calvin Cheng is ABCC’s fellow benefactor. No more details about the exchange have been given by the organization.
The two investors have been involved in the Crypto sector several times previously. Calvin Cheng played a major role in convincing a Hong Kong-based consortium to invest in the exchange, which was once the most established Cryptocurrency trading platform. In May last year, Eric Cheng spent $50 million to acquire BitTrade. The move made him 100 percent owner of the Japan-enlisted exchange. After some time, he sold most of his shares to Huobi, a Chinese Crypto trade.
While speaking about the acquisition, the group said that it will work towards enabling the ABCC exchange to reach a larger market. Specifically, the group will first target the European and Asian markets. Recently, Asia has emerged as an important market due to Crypto-friendly regulations in most of the countries. Europe is slowly following Asia with the number of countries embracing Cryptocurrencies and introducing warm regulations growing.
In a comment, Eric Cheng said that given that the exchange is globally renowned, he is confident in its future. He added that the website is well-established in Europe hence worth the effort and money. The investor also noted that ABCC is among the largest Cryptocurrency exchanges in the world and they will only work towards making it even bigger.
About ABCC Exchange
ABCC is a renowned exchange that enables people to buy and sell different Cryptocurrencies. Although the platform does not support fiat transactions, it offers an over-the-counter (OTC) option thereby making it easy for its users to buy or sell Ether or Bitcoin for Euros or US dollars.
In other Asian news, the much-publicized Binance Blockchain Week in Singapore has ended. A huge number of attendants graced the event that took several days. The high number of prominent companies and people in attendance was a demonstration of the growing popularity of the industry. Given the poor performance of most coins in the past year or so, the conference played a major role in giving the Crypto community the much-needed assurance that the industry is here to stay.