Bitcoin miner manufacturer Ebang plans to launch crypto exchange in Singapore

Nasdaq-listed bitcoin miner manufacturer Ebang is preparing to launch its own cryptocurrency exchange in Singapore.

To that end, the China-based company has set up a subsidiary in Singapore, it and would seek relevant approval and license to expand its business, according to an announcement on Friday. 

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Ebang, however, cautioned its shareholders that there is "no guarantee" the company will receive the regulatory green light and that it may not even go ahead with its exchange plans at all.

Ebang got listed on Nasdaq in June and raised $101 million by offering its shares at a price of $5.23. The stock is currently trading at around $6.78 a piece.

Ebang's crypto exchange plans come amid losses for the last two consecutive years. The company suffered net losses of $11.8 million and $41.1 million in 2018 and 2019, respectively.

Ebang rival Bitmain's spin-off Matrixport, which is based in Singapore, also recently launched crypto derivatives exchange Bit.com. 

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.