One of many main producers bitcoin mining tools hopes launching its personal exchange may double complete income by 2022.
In an interview with Bloomberg BNN, CFO Chen Lei confirmed the Hangzhou-based Ebang was planning to launch a regulatory-compliant crypto exchange that may strictly function exterior of China, the place the federal government has cracked down onerous on buying and selling platforms.
Little else is understood concerning the proposed exchange apart from Ebang hopes to show its fortunes round by tapping transaction charges as a constant supply of revenue.
Ebang’s income stood at $109 million in 2019, which was roughly a 3rd of what it made in 2018 – the tail finish of the preliminary coin providing increase. Total, the corporate has reported internet losses in each 2018 and 2019.
The exchange will assist diversify income so the corporate isn’t as beholden to bitcoin’s wild volatility, Lei stated.
That is the following in a collection of branch-outs for Ebang, which has already arrange an advisory service for purchasers, which Lei predicted may see the corporate’s income develop 40% this yr.
Ebang’s share price had slid 4% to underneath $Four after its $100 million public providing on Nasdaq on June 26. The funding would go towards creating new mining tools in addition to assist fund expansions abroad.
At press time, Ebang was buying and selling at $4.28.
UPDATE (June 29, 2020, 14:58 UTC): This text has been up to date to make clear Ebang will not be the second-largest producer of bitcoin miners.
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