In brief: Singaporean entrepreneurs join hands to buy ABCC crypto exchange

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.

Singapore-based ABCC, which also has offices in Malta and Gibraltar, was one of the top 10 exchanges in the world by volume for most of the second half of 2018. Today, the exchange has a daily trading volume of US$35 million, with communities in 12 different languages.

Source: ABCC Exchange

Singaporean entrepreneur Calvin Cheng founded Retech, a Shanghai-based, Sydney-listed edtech company, and was previously head of Asia franchising for modeling agency Elite Models. Property investor Eric Cheng is perhaps best known for selling his house and luxury car collection to buy Japanese crypto exchange BitTrade for US$50 million last year, and then selling a controlling stake to Chinese exchange operator Huobi just a few months later.

ABCC said that following the acquisition, it will continue to build its presence in its key markets of Europe and Southeast Asia. The exchange added that it will “focus on listing high-quality projects that adhere to the regulatory environments it operates in.”