Ebang International (EBON), a leading manufacturer of high-performance Bitcoin mining machines, will kickstart the beta testing of its own crypto exchange by invitation only on March 15, 2021. It also plans to officially launch its service by the end of March 2021.
In a press release, Mr. Dong Hu, Ebang’s Chairman, and CEO, stated:
“Our upcoming cryptocurrency exchange will accelerate the Company’s development in the financial technology industry. In addition to establishing a digital asset financial service platform, the Company will also explore other business opportunities in establishing mining farms and cryptocurrency mining to optimize the structure of the global cryptocurrency platform as well as our offerings in the blockchain industry value chain.”
In December 2020, Ebang announced that it will soon launch its own crypto service by April 2021.
Ebang’s shares immediately jumped to an amazing after the announcement. According to reports, the Nasdaq-listed shares went up by 55%.
On Feb. 17, it also announced operating its own crypto mining business. In less than a month, it will also jumpstart its own crypto service. Both are in line with the company’s improving its own finances.
But it has also warned inventors that the launching of the crypto exchange may not push through as planned. It serves as a reminder for its investors about the uncertainty that may lie within. As further stated in its press release:
“There is no guarantee that the Company’s operation of its cryptocurrency exchange will commence as planned or at all, or that such business operation will improve the Company’s financial performance or results of operations. Shareholders are cautioned not to place undue reliance on this press release or the forward-looking statements contained herein.”
In recent data, there are already 4,000 crypto exchanges that operate in the crypto market. With a thriving crypto industry driven by a bullish market, the company’s plan may just be very timely.