Ebang opens a Singapore subsidiary to launch a Bitcoin exchange

Ebang International, the ASIC-miner maker, has registered a subsidiary in Singapore as part of preparations to launch a cryptocurrency exchange.

According to the press release, Ebang chief executive Dun Hu said that as the next step the firm would apply to the relevant authorities for approval and a licence to operate the exchange. He warned investors that there are no guarantees of obtaining the permits.

Plans to expand the business by creating a cryptocurrency exchange and mining pools within the company were disclosed at the end of June ahead of Nasdaq’s planned initial public offering (IPO).

Ebang raised $101 million through the IPO. The company placed 19.3 million shares at $5.23 each, valuing it at $685 million.

As of writing, EBON shares were trading at around $6.

Source: TradingView

According to the April filing with the U.S. Securities and Exchange Commission for the IPO, Ebang posted a net loss of $11.8 million in 2018, and last year it stood at $41.1 million.

Earlier, in 2019 the company abandoned its IPO plans on the Hong Kong Stock Exchange.

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