Bitcoin miner maker Ebang announced on Monday the launch of its cryptocurrency exchange, Ebonex.io. The publicly listed Ebang international, a Bitcoin mining hardware manufacturer, allows only ‘qualified investors’ to register and trade cryptocurrencies on the exchange.
The new player in the crypto exchange is offering both spot and margin trading facilities and is only allowing ‘qualified investors’ to register and trade digital currencies. It is now clear if it will be open for retail investors as well in the future.
Ebang Launches Cryptocurrency Exchange
Dong Hu, Ebang Chairman, and CEO comments on the development, stating;
“The official launch of our cryptocurrency exchange is the result of our continuing investment in research and development. In recent years we have made a considerable investment in R&D talent recruiting, as well as product innovation and iteration.”
The Hangzhou-based company already revealed its plans of launching a crypto exchange late last year. The company is operating its international cryptocurrency operations, including the new exchange business, from its Singapore-based entity.
Ebonex crypto exchange has been operating in beta since mid-March in an invite-only mode before the complete launch. The exchange is listing multiple digital currencies, that includes Bitcoin, Ethereum, Polkadot, Chainlink, and Litecoin.
Ebang Internation, the Bitcoin Miner
According to Dong Hu, “The launch of cryptocurrency exchange business will not only expand the revenue sources from our cryptocurrency business but also optimize the development of our blockchain industry chain.”
One of the top Bitcoin miners manufacturers, Ebang is only lagging behind its other Chinese competitors. The company went public last year on the United States stock exchange. Ebang is one of the few publicly traded crypto companies. Investors, however, did not take the launch of the new crypto exchange positively, as the shares of the company went down by almost 5 percent, as of press time, since the opening of the crypto market.
Also, the company did not clarify the jurisdictional presence of the cryptocurrency exchange.