Right off the heels of Indonesia’s move to legalize cryptocurrency exchanges, Singapore-headquartered ABCC Exchange has received a group of investors led by ABCC co-founder Eric Cheng and serial crypto entrepreneur Eric Cheng. The investors have acquired a majority stake in ABCC, and will spearhead aggressive scaling plans.
Prior to this, in May 2018, Eric Cheng was the first foreigner to have full ownership of a crypto trading platform licensed by the Japanese Financial Services Agency Crypto, after acquiring Japanese crypto exchange BitTrade for US$50 million.
In January 2018, Calvin Cheng led a Hong Kong-based consortium acquisition of BTCC, Greater China’s first crypto exchange.
ABCC Exchange currently has a presence in Southeast Asia and Europe. The company claimed to be one of the top ten exchanges in the world by volume for most of the second half of 2018. Its daily trading volume today stands at US$35 million.
As an asset class, cryptocurrency has been volatile. The price of bitcoin fell more than 80% in 2018 after a meteoric rise by 2,500% from the beginning of 2017. The broader market shed nearly US$700 billion.
Currently, as bitcoin trades sideways, altcoins like Ethereum and EOS have been rising.
Editor: Brady Ng