Listed on the Nasdaq stock exchange, the Chinese mining equipment manufacturer Ebang plans to launch its own exchange in Singapore.
To this end, Ebang plans to open a subsidiary in the relevant jurisdiction and then apply to launch a cryptocurrency exchange. True, in a statement, representatives of Ebang note that the launch of the exchange depends on the regulatory authorities in Singapore. In case of strong opposition from their side, the launch of the cryptocurrency trading platform may be postponed, or canceled altogether.
“With the launch of a subsidiary in Singapore, we plan to expand our business from manufacturing equipment to providing retail services. We want to create a reliable risk management system and develop an optimal transaction system, for this we have a dedicated team of professionals and experts in this field. We will provide investors with a secure, fast and stable blockchain-based digital asset exchange platform, ”said Ebang Chairman and CEO Dong Hu.
Recall that Ebang listed on the Nasdaq Stock Market was held on June 26. The company was able to sell 19.3 million shares and gain about $ 101 million. However, after the start of trading, the company’s shares fell by 15%. Subsequently, the stock price returned to its original value, and after the announcement of plans to launch the exchange, Ebang shares rose by 40% and are now trading at $ 6.72.