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Bitcoin mining chip maker Ebang plans to put up crypto exchange after Nasdaq listing

Ebang will be offering 19.3 million shares priced between $4.50 and $6.50 share in its IPO.

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Fri, 26 Jun 2020, 17:15 pm UTC

China-based Bitcoin mining chip manufacturer Zhejiang Ebang Communication commonly referred to as Ebang, will be listing to the Nasdaq Global Market later today. However, the firm already revealed big expansion plans after its listing, which includes putting up a cryptocurrency exchange and mining farms.

A representative of the company told Cointelegraph that the firm plans to build “a global blockchain and a digital economy industrial ecosystem.” This ecosystem would include the mining facilities and new cryptocurrency exchange.

“We will soon establish our own mining farms with [a] flexible cooperation model [...] as well as mining pools to sell our computing power and we will also start to set up [a] cryptocurrencies trading exchange,” the unnamed Ebang representative explained.

The representative also revealed plans to “explore the application of blockchain technology into financial services, education, and healthcare industries.” One way that could help Ebang materialize these plans is its Nasdaq listing by enhancing awareness of its brand and attracting top talent.

Being a publicly-traded firm will also help it realize its plans of putting up its own crypto exchange in the U.S. “Credit is the most important point for establishing the cryptocurrencies trading exchange, and a Nasdaq listed company regulated by U.S. Securities and Exchange Commission should be able to strictly control the compliance and safety of the transaction,” the representative added.

Citing various sources, Ebang will reportedly be listed on Nasdaq on June 26, according to Bitcoin.com. The firm will join the bourse under the ticker symbol EBON.

The firm’s IPO will be the second ASIC mining manufacturer to have an initial public offering in the U.S. The first one is Canaan which was able to raise $90 million after it successfully sold 10,000,000 shares for $9 each.

For its Nasdaq debut, Ebang International Holdings has 19.3 million shares available for its initial public offering. The firm plans to sell the shares between $4.50 and $6.50 per share. Market valuation for the firm is estimated to be around $721 million.

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