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Mining News

Mining giant Ebang launches its own cryptocurrency exchange

One of the largest manufacturers of equipment for mining Bitcoins plans to launch an offshore exchange, which should double the company’s revenue by half in 2022.

Ebang’s ambitious plans

CFO Chen Lei in an interview with Bloomberg BNN confirmed Ebang’s plans to create a cryptocurrency exchange. True, the trading platform will operate outside of China, which severely restricts cryptocurrency activities.

There are no additional details about the upcoming exchange from Ebang. It is only known that the company hopes to significantly increase its income through operating fees on the platform.

Diversification of company profits

The company’s revenue for 2019 amounted to only 109 million, and this is only a third of this indicator for 2018. In addition, from 2018 to 2019, Ebang reported losses. According to Chen, the launch of the exchange will help diversify profits and protect against high volatility of Bitcoin.

This is not the company’s first attempt to scale. Ebang already provides consulting services, which according to preliminary forecasts will be able to increase the company’s revenue for 2020 by 40%.

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