Nasdaq-listed bitcoin miner producer Ebang is making ready to launch its personal cryptocurrency exchange in Singapore.
To that finish, the China-based firm has arrange a subsidiary in Singapore, it and would search related approval and license to develop its enterprise, based on an announcement on Friday.
Ebang, nonetheless, cautioned its shareholders that there’s “no assure” the corporate will obtain the regulatory inexperienced gentle and that it may not even go forward with its exchange plans in any respect.
Ebang received listed on Nasdaq in June and raised $101 million by providing its shares at a price of $5.23. The stock is presently buying and selling at round $6.78 a chunk.
Ebang’s crypto exchange plans come amid losses for the final two consecutive years. The corporate suffered web losses of $11.eight million and $41.1 million in 2018 and 2019, respectively.
Ebang rival Bitmain’s spin-off Matrixport, which is predicated in Singapore, additionally not too long ago launched crypto derivatives exchange Bit.com.
© 2020 The Block Crypto, Inc. All Rights Reserved. This text is offered for informational functions solely. It isn’t supplied or supposed for use as authorized, tax, funding, monetary, or different recommendation.