- Ebang plans to launch digital assets exchange by Q1 2021
- The firm has already finished the internal test of the crypto exchange
- Ebang has established a wholly-owned subsidiary in Australia to launch the exchange there
- With the launch, the firm aims to generate double profits
Ebang, a major Chinese cryptocurrency mining equipment maker and the world’s fourth-largest firm of its category, also listed in NASDAQ, will start its crypto exchange. It is known that the firm has started the preparations and plans to launch the exchange by the end of Q1 2021. It is also revealed that the testing within the firm has already been finished. The crypto mining machine making firm has also set up a private subsidiary in Australia to launch the exchange.
Ebang is stepping towards expanding its blockchain services
Ebang is excitedly working on launching its crypto-asset exchange officially. It is known that the firm has completed the internal testing of the cryptocurrency exchange. According to Dong Hu, the chairman, and chief executive officer of Ebang, the completion of the new service’s internal testing gets the firm a step closer to expand its blockchain financial business. The CEO also mentioned that the firm has other plans also to optimize what they offer. The other plans include the establishment of a crypto mining farm and performing mining operations. However, the firm will now make equipment along with operating crypto businesses.
The crypto assets exchange will be launched in Australia
Ebang has revealed that the firm has established a wholly-owned subsidiary in Australia as a part of the blockchain service expansion strategy. Hence, the firm will launch its crypto assets exchange there only. Back in October 2020, Ebang acquired a licensed New Zealand based broker and assets manager. Not only in Australia, but the firm has also expanded to Singapore in order to create a global exchange. However, it is also revealed that following the announcement of establishing a crypto exchange, the firm’s stock listed on NASDAQ rose by 23%.
What does the crypto mining machine maker aim?
Ebang aims to increase its revenue sources and stabilize the operations. According to Chen Lei, the firm’s chief financial officer, the launch of the exchange could double the firm’s revenue. However, the firm only manufactures application-specific integrated circuit (ASIC) chips and integrated circuits (ICs) for crypto mining equipment. It is known that back in 2019, the firm generated 82% of its profits by selling Bitcoin mining chips alone, whereas its total revenue that year was $109.
We are sorry that this post was not useful for you!
Let us improve this post!
Tell us how we can improve this post?