AlphaBit Cryptocurrency Exchange (ABCC), a Singapore-based cryptocurrency exchange, said Tuesday it will further expand its presence in South Korea, the world`s third-largest digital currency trading market.

During a press conference held on Tuesday, ABCC`s CEO Calvin Cheng announced the plan, saying South Korea is one of the most active cryptocurrency markets in the world.

The exchange tapped into the country by opening its Korean website last month, and it plans to come up with a mobile trading app next month.

The mining-type exchange that began operations in April features its own token AT distributed to investors, and AT holders are entitled to receive bitcoins for 80 percent of the exchange’s income from commission fees. Dividends are also paid to those who hold the tokens for at least seven days to incentivize them to stay longer.

"The goal of ABCC is not to earn profits in the short term, but to provide safe trading services to customers with a longer-term prospective," the CEO said.

ABCC ranks 19th in the global crypto exchange space in terms of daily trading volume.

By Oh Chang-jong and Minu Kim

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