BY CNA Team - April 16, 2018
AlphaBit Launches Commission Free Exchange
A new player has entered the field of cryptocurrency exchanges to serve the fast-growing crypto trading community.
But AlphaBit CryptoCurrency Exchange (ABCC), launched on 9th April for invited users and slated to open to the public on 28th April 2018, has one distinct feature. It is promising commission-free trading for cryptocurrency traders and says it will be the first in the world to do so.
ABCC said this is in line with the company’s philosophy “of creating an open, frictionless and participatory ecosystem in which investors can identify valuable blockchain assets, and tap on the exchange’s secure online trading platform and accompanying professional trading services to trade efficiently.”
ABCC is the brainchild of Calvin Cheng, a Singaporean entrepreneur and former parliamentarian, who believes in a future in which blockchain start-ups will change industries for the better.
“I am very excited about blockchain technology and believe that start-ups in this sector have the potential to change and disrupt many sectors. It is of course very new and because of this, start-ups should have access to capital to execute their visions,” he told CNA.
Cheng, who listed his e-learning platform Retech on the Australian stock exchange in 2017 and is a senior advisor to Dragon Blockchain Investment Fund, also noted that ICOs “have been a great way for these start-ups to raise capital, and crypto exchanges provide liquidity for the token investors.”
In its press release, the new exchange said: “With zero commission fees, ABCC aims to encourage mass participation in the trading of these cryptocurrency assets to leverage on their benefits, with the view that blockchain technology and the digitisation of assets will be an integral part of the future of advanced economies.”
The exchange will focus on listing existing mainstream and alternate cryptocurrencies.
Cheng says that ABCC intends to grow globally, starting with Asia. It will start by only accepting cryptocurrencies. Accepting Fiat currencies will only come later.
On its business model, Cheng said ABCC will eventually charge for listings and on regulations he says they will abide by all existing laws and apply to be regulated “wherever those are available”.
“I am cognizant of the fact that the blockchain and cryptocurrency industry is still in its early stages, and we are definitely willing to engage with government agencies across the world to explore a proper regulatory framework to govern and grow this exciting financial frontier. This can only help more projects and start-ups in this field to create meaningful products that will change the way we live,” said Cheng.
The ABCC team consists of 20 core members who have experience in the internet, finance, media, fashion, and management consulting industries. Many of the team have worked together in the past, Cheng added.