Bitcoin miner manufacturer Ebang International Holdings Inc. has announced it had established a subsidiary in Singapore in order to launch a cryptocurrency exchange.
According to an official announcement, the company plans to expand its industry chain layout from providing equipment to offering trading services.
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Ebang CEO and Chairman Dong Hu says one of the biggest crypto miners wants to establish a robust risk control system and develop an optimal transaction system.
"We look forward to providing systematic support to the development of blockchain and maximizing the values for our shareholders," Hu added.
However, currently the Chinese mining manufacturer is seeking the relevant governmental approval and license to operate the cryptocurrency exchange and related business.
There is no guarantee that Ebang will receive such approval and license on commercially reasonable terms, "or at all," added Hu.
iHodl earlier reported that Ebang decided to debut on the Nasdaq, an American multinational financial exchange. This is the second mining device maker that went public on the Nasdaq after its rival Canaan Creative debuted on the stock market last year raising $90 million.
At press time, Ebang (EBON) is trading at $5.83 (+22.89%).
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