Listen to the exclusive interview with the Head of Global Marketing and Communications for ABCC on the 27 October 2018 BitcoinNews.com Podcast below
BitcoinNews.com did an exclusive interview with the Head of Global Marketing and Communications for the ABCC crypto exchange. ABCC has USD 50-100 million of trading volume per day with 51 cryptos listed, and has been seeing month over month growth in trading volume since it launched in April 2018. ABCC offers crypto to crypto trading worldwide, and in the future aims to offer fiat to crypto trading, but for now has 3 stablecoins listed, which act as a fiat substitute.
The CEO of ABCC, Calvin Cheng, is a member of the Singapore Parliament. The Head of Global Marketing and Communications says “The reason why ABCC was established is the Co-Founders want to dive into the crypto ecosystem and build a really good platform that provides a great trading experience for the users. We see vast potential in the crypto market, and believe if we focus on providing good product and service, we will grow in the field.”
Originally, ABCC launched with zero trading fees but changed their strategy in July 2018 when they launched ABCC Token (AT). Now, ABCC utilizes transaction fee mining, where users are refunded their trading fees 100% with AT tokens. Another benefit of AT is 80% of the transaction fees collected from the crypto trading pairs are distributed to holders of AT tokens, which is around USD 5,000-100,000 per day. On average, 1,000 AT tokens produces a reward equivalent to USD 1.20 per day. Rewards for holding AT are disbursed with Bitcoin, Ethereum, or USDT.
Beyond these avenues of earning money by trading on ABCC, crypto projects often donate crypto to ABCC when they get listed, and ABCC airdrops most of this to users. The Head of Global Marketing and Communications for ABCC says “Basically our philosophy is we try to contribute instead of keeping it because 20% of the trading fee is already a large amount for us. We want to make sure the rest of it goes to users, and the users can benefit from trading with us.”
AT is an Ethereum ERC-20 token. There are 210 million AT tokens in circulation, 10X the supply of Bitcoin, and apparently, a relatively small amount compared to most other cryptos. The full supply of AT will be mined over 2 years, with a block halving every 120 days. The first block halving will be on 6 November 2018. There is 1 block every 4 hours, and the block reward is distributed to users of the platform proportional to their relative trading activity versus everyone else. Mining vouchers are available for purchase, and these vouchers increase mining power by 20%. Further, there is a referral program where users can boost their transaction fee mining rewards. Additionally, AT will be used for voting to list cryptos on ABCC.
ABCC is working on obtaining a bank account and a license from regulators for fiat trading. ABCC is based in Singapore but has another office in Malta, and there is potential for them to obtain a bank account in Malta and offer EUR trading in the future. The Head of Global Marketing and Communications for ABCC says “Regulatory compliance is what we think will differentiate ourselves from other exchanges in the future.”
ABCC launched ABCC Cloud in September 2018, where startup exchanges can integrate ABCC’s software and order book, making it easy for new exchanges to get the liquidity they need for optimal trading. This also increases the liquidity on ABCC itself. The Head of Global Marketing and Communications for ABCC says “We hope to reach out to a wider market and audience through our partners. We provide them with technology that saves them the hassles of building exchange technology so they can focus on other things.”
In the future ABCC will release a Pro version with trading views, stop losses, and stop limits to optimize the trading experience. Also, ABCC will be releasing a crypto wallet, and eventually will offer margin trading. Further, ABCC is considering launching options markets, where users can earn interest by holding crypto in their wallets. The Head of Global Marketing and Communications for ABCC says “We are trying to see how we can adequately introduce crypto to more people as well as teach them the concept of trading.”
Eventually, ABCC might try to launch a decentralized exchange, but needs to research that concept thoroughly before doing it, and wants to focus on optimizing their current trading software first. Also, ABCC will launch an API for scripting trades once trading is optimized.
On a final note, the Global Head of Marketing and Communications for ABCC says “Our Co-Founders are serial entrepreneurs, so even if trends are changing in the field we are very confident in our execution skills. That makes us different from others.”
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Image Courtesy: abcc.com