Meet Eric Cheng, an entrepreneur from Singapore – and the guy behind a new cryptocurrency exchange which he bought for $67 million USD. After selling nearly all of his properties and belongings – including two Rolls Royces, Lamborghini, Ferrari and a Porsche – Cheng decided to acquire a 100% stake in the Japanese cryptocurrency exchange named BitTrade.
This news comes a week after South Korea’s largest cryptocurrency exchange Bithumb suffered a security breach and lost more than $30 million in customer funds. At the same time, this is what inspired Cheng to take the risk and purchase an entire cryptocurrency exchange.
We all know that there are risks of acquiring a cryptocurrency exchange mostly seen through these types of hacks – even despite the high profit margins. However, Cheng spent all of his life savings to acquire BitTrade and clearly said that he does not regret taking this risk.
According to Cheng:
“The cryptocurrency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally,”
According to some experts, Cheng pushed his plans to purchase this exchange because of its regulatory state. Currently, BitTrade remains as one of the dozens of cryptocurrency exchanges in Japan that are licensed and approved by the Financial Services Agency (FSA). Knowing that the approval is usually expensive and difficult, Cheng decided to make a leap forward and gain full ownership of the exchange.
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