Bitcoin Miner Maker Ebang Launches Cryptocurrency Exchange

Monday, 05/04/2021 | 15:42 GMT by Arnab Shome
  • Only ‘qualified investors’ can register and trade cryptocurrencies on the exchange.
Bitcoin Miner Maker Ebang Launches Cryptocurrency Exchange
Reuters

Publicly listed Ebang International (Nasdaq: EBON), a Bitcoin mining hardware manufacturer, announced on Monday the launch of its cryptocurrency exchange, Ebonex.io.

The new crypto exchange player is offering both spot and margin trading facilities and is only allowing ‘qualified investors’ to register and trade digital currencies. It is now clear if it will be open for retail investors as well in the future.

Commenting on the development, Ebang Chairman and CEO, Dong Hu, said: “The official launch of our cryptocurrency exchange is the result of our continuing investment in research and development. In recent years, we have made a considerable investment in R&D talent recruiting, as well as product innovation and iteration.”

Diversifying Cryptocurrency Business

The Hangzhou-based company already revealed its plans of launching a crypto exchange late last year. The company is operating its international cryptocurrency operations, including its new exchange business, from its Singapore-based entity.

Ebonex was operating in beta since mid-March in an invite-only mode before the complete launch. The exchange is listing numerous top digital currencies, including Bitcoin, Ethereum, Chainlink, Polkadot and Litecoin.

However, the company did not clarify the jurisdictional presence of the cryptocurrency exchange.

“The launch of our cryptocurrency exchange business will not only expand the revenue sources from our cryptocurrency business but also optimize the development of our Blockchain industry chain,” Hu added.

Ebang is one of the top Bitcoin miners manufacturers, lagging only behind its other Chinese competitors. The company went public last year on a United States stock exchange and is one of the few publicly traded crypto companies. However, investors did not take the new crypto exchange launch positively as the shares of the company went down by almost 5 percent as of press time, since the opening of the Monday market.

Publicly listed Ebang International (Nasdaq: EBON), a Bitcoin mining hardware manufacturer, announced on Monday the launch of its cryptocurrency exchange, Ebonex.io.

The new crypto exchange player is offering both spot and margin trading facilities and is only allowing ‘qualified investors’ to register and trade digital currencies. It is now clear if it will be open for retail investors as well in the future.

Commenting on the development, Ebang Chairman and CEO, Dong Hu, said: “The official launch of our cryptocurrency exchange is the result of our continuing investment in research and development. In recent years, we have made a considerable investment in R&D talent recruiting, as well as product innovation and iteration.”

Diversifying Cryptocurrency Business

The Hangzhou-based company already revealed its plans of launching a crypto exchange late last year. The company is operating its international cryptocurrency operations, including its new exchange business, from its Singapore-based entity.

Ebonex was operating in beta since mid-March in an invite-only mode before the complete launch. The exchange is listing numerous top digital currencies, including Bitcoin, Ethereum, Chainlink, Polkadot and Litecoin.

However, the company did not clarify the jurisdictional presence of the cryptocurrency exchange.

“The launch of our cryptocurrency exchange business will not only expand the revenue sources from our cryptocurrency business but also optimize the development of our Blockchain industry chain,” Hu added.

Ebang is one of the top Bitcoin miners manufacturers, lagging only behind its other Chinese competitors. The company went public last year on a United States stock exchange and is one of the few publicly traded crypto companies. However, investors did not take the new crypto exchange launch positively as the shares of the company went down by almost 5 percent as of press time, since the opening of the Monday market.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6356 Articles
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