Digital currency exchange

Ebang targets Q1 2021 for digital currency exchange launch

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Ebang International Holdings Inc. (NASDAQ: EBON), a leading manufacturer of servers used for mining digital currencies, recently announced the upcoming launch of its new cryptocurrency exchange is set to take place during the first quarter of 2021.

The Nasdaq-listed company has completed internal testing of its digital currency exchange and will soon begin public testing leading up to an official launch. In a statement, Ebang Chairman and CEO Dong Hu said: 

“The completion of the internal testing of our cryptocurrency exchange is another step forward in expanding our blockchain financial services business. Meanwhile, we will also explore other business opportunities in the blockchain and cryptocurrency industry, such as establishing mining farms and cryptocurrency mining to optimize the structure of our offerings in the blockchain industry value chain.”

The exchange was first alluded to last summer by Ebang CFO Chen Lei during an interview with Bloomberg BNN. Since then, Ebang has released few additional details about the upcoming launch outside of stating the exchange will be a regulatory-compliant digital currency exchange that would operate outside of mainland China. 

If Ebang is wise, it will ignore the BTC propagandist and prioritizes listing Bitcoin SV (BSV), the only digital currencies that fulfill Satoshi’s vision of Bitcoin and blockchain protocol that scales to handle a high volume of transactions. Bitcoin has defied other exchange operators who colluded to kill it, becoming one of the largest assets by market cap in 2020. 

The new exchange establishes an additional revenue stream for Ebang by tapping transaction fees as a consistent income source. Last quarter, the Chinese firm established both an Australian and Canadian subsidiary to prepare for the launch of its “Digital Asset Financial Service Platform.” 

At that time, Hu commented, “We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch a comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry.”

The investment community has met the announcement with enthusiasm. After they revealed the news, shares of the company increased, climbing to as high as $7.88 a share during the past few days before settling down to $7.14 at the time of this writing, up 19%. This jump boosted Ebang’s market cap to north of $935.59 million. 

See also: CoinGeek Live panel, Digital Currency & Global Compliance: Tools & Tips for Exchanges, Wallets & Other Service Providers

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