Ebang is one of the largest companies based in Hangzhou, China, that specializes in manufacturing bitcoin mining equipment.

Ebang recently announced its intention to launch a cryptocurrency exchange outside of China with the goal of doubling its total revenue by 2022.

The news was evidenced by Mr. Shen Li, director of the financial office of Ebang, during an interview he gave to Bloomberg He stressed that the new platform would be compliant with regulations and would operate strictly outside of China, as the government strictly clamps down on trading platforms and prevents their activity within China.

Until now, many details about the Ebang platform have not been revealed except that it will benefit from trading and transaction fees as an additional source of income, as the company’s revenues have been significantly affected recently, and its revenues in 2019 amounted to 109 million dollars, which is a third of what it achieved in 2018.

Read:Tanzanian President Urges Central Bank to Prepare for Cryptocurrency

According to Lee, the cryptocurrency trading platform will help diversify the company’s revenue so that the company is not tied to large volatility of bitcoin that indirectly affects the sale of mining equipment.

The cryptocurrency trading platform is the second move by Ebang, which has already set up an advisory service for clients.

Lee expects the company to see a 40% increase in earnings this year.

For information, the share price of “Ebang” fell by 4% to less than 4 dollars after its public offering of 100 million dollars on the Nasdaq Stock Exchange last June 26.

The funds raised from the IPO will be used to develop new mining equipment as well as to finance expansions abroad.

Read:After the cryptocurrency ban in China…the largest Ethereum mining pool closed in China

Read also:

Three cryptocurrency exchanges control 14.3% of the volume of Bitcoin traded

Miners are sending bitcoin to cryptocurrency exchanges…which is bad for this reason!