Chinese Bitcoin mining hardware manufacturer Ebang has announced the launch of its own cryptocurrency exchange.
China’s Ebang International mining hardware company has announced that its own cryptocurrency exchange is being launched – Ebonex. Ebonex Pte Ltd., an independent corporation founded in Singapore, operates the platform and is open to skilled investors only.
The Exchange provides support to over a dozen major digital assets with both spot and margin trading, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Link (LINK), Polkadot (DOT) and Cardano (ADA), as well as the so-called privacy coins – Monero (XMR), Dash (DASH) and Zcash (SEC).
Ebang CEO and Chief Executive Officer Dong Hu commented that he believes the launch of Ebonex is the result of a “significant investment” in the company’s R&D talent recruitment and product innovation over the past years.
Before Ebang announced its own crypto-monetary platform for trading in the Nasdaq IPO, it was published in the summer last. The company confirmed that it had also explored other business opportunities, such as establishing mining farms, when Ebonex was launched in beta last month.
After a 50% decrease in overall net revenue over the first six months of 2020, Ebang, one of the top four Chinese crypto-monetary mining companies, was busy starting in the year 2021.
In February, the Board of Directors of Ebang decided to start an enterprise for mining crypto-currency that will see Ebang deploy self-produced and purchased mining machinery and lease computing power from other Bitcoin mine operations. Later this month, the company announced the beginning of mining operations for Litecoin and Dogecoin.
The Chinese mining giant also said that it plans to invest in building data centers to support its mining business.
In the follow-up public promotion in February, Ebang has also raised $70 million (FPO). In its view, the company will use new funds in supporting the expansion, research, development, manufacture and sales of ASICs and other mining equipment in its cryptocurrency mining business.
The final goal of Ebang, as Dong Hu has explained, is “to transform the hardware company into a blockchain company with extensive involvement in the industry.”