Singapore-based ABCC Exchange (“ABCC”) announced today that serial entrepreneur and angel investor Calvin Ng has entered into an agreement to fully acquire the company.
Mr Calvin Ng has acquired the stake in ABCC from co-founder Mr Calvin Cheng for an undisclosed sum with aggressive near-term plans to further scale the company in key high-growth regions.
ABCC is a cryptocurrency exchange headquartered in Singapore, with a subsidiary in Gibraltar. Launched in March 2018, it has a daily trading volume of USD$35 million and communities in 12 languages. At the end of 2018, it was ranked as one of the top 5 exchanges in the world in trading volume. Headed by Mr Calvin Cheng, the team has a wealth of prior experience in some of the top technology and financial firms, providing ABCC users with a secure and seamless trading experience.
Following the acquisition, the company is looking to relaunch as a ‘Community Focused’ crypto exchange and sets its sights to transform into a crypto finance company. The refreshed ABCC platform will share all of the economic and non-economic benefits to the community be it traders or promoters.
More recently, ABCC joined the Singapore Fintech Association, a cross-industry platform to facilitate collaboration between all market participants and stakeholders in the FinTech ecosystem. This comes at a time when the Singapore parliament has passed the Payment Services Act (“PSA”), positioning the country as one of the emerging leaders in regulating the Fintech space.
In the near term, ABCC will actively move in the direction of being regulated as the company views regulation as the next positive step in the industry. Mr Ng and his consortium of investors have earmarked US$20 million for aggressive expansion initiatives should ABCC be successful in obtaining a PSA license.
ABCC also has plans to broaden its geographical presence in burgeoning crypto markets such as Vietnam, Singapore and Russia. Market expansion in each of these countries is ongoing, having partnered with local players while carrying out airdrop campaigns for their communities.
Speaking on the sale of his stake in ABCC, Mr. Calvin Cheng said, “On the back of rising crypto prices, the purchaser made a generous offer and I felt that it was the right time for me to exit and step aside for ABCC’s next chapter. We have found the right partner in Mr Ng who has deep experience in blockchain and digital ledger technology businesses. I believe that with the right licenses in place, ABCC is in a strong position to be once again one of the top crypto exchanges in the world. This is just the beginning for ABCC as this new set of investors will be able to grow ABCC into a dominant player in the crypto currency market.”
Mr. Calvin Ng said, “ABCC is a well-managed crypto exchange that comes with a host of technology that no one is aware of. ABCC comes not just with a great brand name but being in Singapore makes it perfect with upcoming PSA licenses which will provide confidence to traders and investors globally. Investors want to trade on exchanges that are licensed in reputable countries that take regulation seriously.
We have many plans to take ABCC forward. One of them is becoming a “Community Exchange“ where we will distribute tokens instead of selling them. We will also be creating a fund in excess of US$20 million to fund ABCC’s expansion across Southeast Asia and to make ABCC into a next-generation crypto finance company that will provide a host of cryptocurrency financial services.“