Singapore-based AlphaBit (ABCC) Cryptocurrency Exchange announced on Wednesday that it had launched last weekend, listing existing mainstream and alternate cryptocurrencies for invited users, and is set to open to the public on April 28. According to the announcement, AlphaBit is the first cryptocurrency exchange that offers commission-free trading to a broad base of investors.
“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,” stated AlphaBit, which was founded by Singaporean entrepreneur Calvin Cheng.
AlphaBit stated that its zero-fee policy is aimed at attracting mass participation on its exchange, with the view that blockchain technology and the digitization of assets will be an integral part of the future of advanced economies.
“I believe that entrepreneurs in the blockchain field need to proactively create a healthy industry environment as well as follow a sustainable business model,” stated Cheng. “As the industry matures, these blockchain projects need real-world applications which generate real social value. Through [AlphaBit], we hope to alleviate this problem by encouraging more users to have a frictionless experience when trading cryptocurrencies.”
AlphaBit stated that its team consists of 20 core members who have rich experience in the internet, finance, media, fashion, and management consulting industries – many of the team have worked together in the past, ensuring a solid foundation of trust throughout the entire project.
Cheng is a former politician and a businessman who listed his e-learning platform Retech on the Australian stock exchange in 2017. He is also a senior advisor to leading investment fund Dragon Blockchain.