Happy new year!
The move comes a little over three months after the US-listed company set up subsidiaries in Australia.
Bitcoin mining equipment manufacturer Ebang plans to launch a cryptocurrency exchange in the first quarter of 2021.
The move is part of the Hangzhou-based company’s strategy to diversify its revenue streams beyond a sector that is extremely competitive and tends to boom and bust with Bitcoin prices.
The move also comes a little over three months after the US-listed company set up subsidiaries in Australia, paving the way for it to enter the digital asset trading business.
In pursuit of a global digital asset platform, it also expanded into Singapore for its planned offshore exchange for cryptocurrency.
Dong Hu, chairman and CEO of the Company, commented,
“The completion of the internal testing of our cryptocurrency exchange is another step forward in expanding our blockchain financial services business.
Meanwhile, we will also explore other business opportunities in the blockchain and cryptocurrency industry such as establishing mining farms and cryptocurrency mining to optimize the structure of our offerings in the blockchain industry value chain.”
Ebang, which raised $100 million in June through a Nasdaq IPO, has been exploring opportunities outside the mining space in an effort to reduce its reliance on sales of bitcoin rigs that are vulnerable to cryptocurrency price fluctuations.
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About Ebang International Holdings Inc.
Ebang International Holdings Inc. is a blockchain technology company with strong application-specific integrated circuit (ASIC) chip design capability. With years of industry experience and expertise in ASIC chip design, it has become a leading bitcoin mining machine producer in the global market with steady access to wafer foundry capacity. With its licensed or registered entities in various jurisdictions, the Company seeks to launch a professional, convenient and innovative digital asset financial service platform to expand into the upstream and the downstream of blockchain and cryptocurrency industry value chain. For more information, please visit https://ir.ebang.com.cn/.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, the Company’s development plans and business outlook, which can be identified by terminology such as “may,” “will,” “expects,” “anticipates,” “aims,” “potential,” “future,” “intends,” “plans,” “believes,” “estimates,” “continue,” “likely to” and other similar expressions. Such statements are not historical facts, and are based upon the Company’s current beliefs, plans and expectations, and the current market and operating conditions. Forward-looking statements involve inherent known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance and achievements to differ materially from those contained in any forward-looking statement. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made only as of the date indicated, and the Company undertakes no obligation to update or revise the information contained in any forward-looking statements as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
For investor and media inquiries, please contact:
Ebang International Holdings Inc.
Email: ir@ebang.com.cn
Ascent Investor Relations LLC
Ms. Tina Xiao
Tel: (917) 609-0333
Email: tina.xiao@ascent-ir.com
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