Bitcoin Mining Chip Maker, Ebang Launches a New Cryptocurrency Exchange, Ebonex

Bitcoin Mining Chip Maker, Ebang Launches a New Cryptocurrency Exchange, Ebonex

Bitcoin mining ASIC chip maker, Ebang International, is expanding its business operations by launching a cryptocurrency exchange.

Canada stock exchange-listed firm, Ebang is expanding its crypto mining operations to the secondary market with the launch of a new cryptocurrency exchange, Ebonex. The exchange will register “qualified investors,” allowing them to deposit, trade, and withdraw from their accounts starting today.

The hardware mining giant launched an invitation-only beta testing phase for Ebonex earlier this year following a successful $100 million IPO in 2020. Dong Hu, Chairman and CEO of the firm, stated the exchange was a “result of the 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.”

“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.”

The company has not been short of R&D endeavors to improve their business operations – or development of chips. Ebang announced in August 2020; they will shift their focus to AI-powered mining chips in 2024 as a bid to be ‘part of building the future chips.’

The new exchange will start with several top crypto assets available, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Litecoin (LTC), and Chainlink (LINK). However, the report did not disclose which residents and countries will be eligible to participate in trading services on the exchange.

No comment was received from the exchange as of writing.

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Author: Lujan Odera

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