Bitcoin Miner Manufacturer To Launch New Crypto Exchange In Singapore

Ebang (Courtesy: SiliconAngle)
Ebang (Courtesy: SiliconAngle)

A Bitcoin Miner manufacturer, who has been listed by Nasdaq, is set to launch his very own crypto exchange in Singapore. It will come as a subsidiary office for the China-based company and would seek relevant approval and license to expand its business, according to an announcement on Friday.

The miner, however, has asked its investors to hold their horses and not be in any kind of a hurry as there is “no guarantee” that the company will receive the regulatory go ahead signal and that it may not even go ahead with its exchange plans at all.

Nasdaq enlisted Ebang on June 5 and raised $101 million by offering its shares at a price of $5.23. The stock is currently trading at around $6.78 a piece.

However, it should be understood that, the miner manufacturer is running among losses amid the plans of coming up with the crypto exchange in Singapore. Previously, the company suffered net losses of $11.8 million and $41.1 million in 2018 and 2019, respectively.

Incidentally, the rival company of Ebang – Bitmain’s spin-off Matrixport – had also launched a crypto derivatives exchange