Chinese crypto mining giant Ebang International Holdings Inc. is planning to launch an offshore exchange for digital assets this year, hoping to expand beyond a sector that tends to boom and bust with Bitcoin prices.

The Hangzhou-based maker of Bitcoin mining rigs could see total revenue grow about 40% in 2020 after expanding into the newer business of helping clients manage datacenters, Chief Financial Officer Chen Lei said in an interview. Revenue could almost double to $200 million this year with the launch of the crypto-exchange, he said. Otherwise, Ebang should hit that mark in 2022, he added.

Ebang slid more than 4% on its Friday U.S. debut after raising $100 million in an IPO. It plans to use the proceeds to develop new models of machines and expand overseas. Part of the plan is to set up a regulatory-compliant crypto exchange outside China, which Chen expects to initially attract 10% of the total transaction fees of crypto trading.

(Excerpt) Read more Here | 2020-06-29 06:27:48
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