- ABCC earmarking 20 million to bolster its technology to enhance exchange platform
- Deepen applications of AI and Machine Learning abilities for users
- Participate actively to help elevate compliance standards of the industry
Singapore, 8 March 2021 – ABCC Exchange (ABCC) has recently announced a massive overhaul with a war chest of $20 million to the organisation’s operational structure, in view of enhancing its overall processes on the exchange. This move to invest in new technologies and refine its compliance processes to provide a seamless trading experience in an environment of the highest security is a strategic one that is expected to re-solidify ABCC’s market positioning.
Since its inception in 2018, ABCC has grown aggressively to become one of the top 10 exchanges in the world by volume. To date, ABCC is still a prominent exchange that sees an active daily trading volume of an average of $10 million in a day1 and is constantly looking to elevate the safety standards of cryptocurrency trading, with its developing suite of solutions.
With Bitcoin prices experiencing a meteoric increase, soaring to an all-time high at $57,539.952, on 21st February 2021, both institutional and retail investors are turning to the cryptocurrency ecosystem3 to park their money. This is in line with the large volume of enquiries from global institutions that ABCC has received, indicating a major rise in institutional interest and investment which has been one of the leading catalysts for this boom. This trend is also resulting in crypto products springing forth, adding on to the vibrancy of the crypto market, as well as inevitably the increased incidences of scams and criminal hacking and ABCC is determined to address these with their solutions.
Besides refining its AML and KYC processes, ABCC will deploy cutting-edge technologies to assure users with not only seamless but also a highly secured experience. In addition, the exchange also intends to deepen its Artificial Intelligence and Machine Learning technologies, currently available to private investors, as part of its value creation development plans to reach out to more segments of investors.
Alan Li, Chief Executive Officer of ABCC says: “The crypto investing scene is very exciting now. The institutions in Asia are showing even greater interest in Bitcoin after Canada approves its first bitcoin ETF and there is a general sentiment that Singapore may follow suit. However, preventing hacks and frauds remains a paramount concern for institutions and thus institutions tend to trade on an exempted exchange. At ABCC, technology is our core pillar and we have been focusing on leveraging our well-built technology foundation infrastructure and amplifying them to build an exchange that is beyond the existing industry standard. It is our mission to ensure that our products and solutions are fit and proper to facilitate a wider audience aligned with the Singapore regulation.”
At the start of 2021, the Singapore Government has further tightened the Payment Services (Amendment) Bill4 to regulate cryptocurrency service providers. This bodes well to increase the standards of service providers in the sector and safeguard investors’ money from illicit activities. It also points to Singapore’s endeavour to continue strengthening its position in the region as a cryptocurrency hub with its neutral regime in digital assets transactions. For ABCC, the amendments to the Bill is a welcoming move as it prioritises users feeling safe and secure trading on the cryptocurrency exchange’s platform with utmost attention on full compliance with the regulations and guidelines.
Says Mr Calvin Ng, Chairman of ABCC: “We are encouraged by the increased measures in this sector. To become a world class financial hub, the strengthening of compliance is important to ensure Singapore continues to lead the region as we see the economy evolving in unprecedented ways. As part of our community development plans, we have enhanced our internal processes to better protect our investor base. ABCC looks to do our part to contribute to the ecosystem and actively play a part to improve the sector’s regulatory framework.”
Launched in March 2018, ABCC (https://abcc.com) is an established cryptocurrency exchange headquartered in Singapore and currently holds the exemption under the PS Act (No 2 of 2019).
With a reputation for being a digital asset exchange that has never been compromised, ABCC looks to harness its expertise in leveraging advanced technologies to provide a seamless trading experience in an environment of the highest security and compliance.
ABCC also looks to contribute to elevating the safety indexes of digital assets trading activities as Singapore develops its cryptocurrency and blockchain industry standards to continue leading as a financial hub in Asia, through knowledge sharing of first-in-class security practices with partners, professional investors.
For more information, please reach out to:
Cathy Joyce Tan
Account Manager (Public Relations)
Chief Operating Officer