Chinese manufacturer of ASIC miners will launch a crypto exchange in 2021

One of the largest Chinese manufacturers of mining equipment, Ebang International Holdings Inc. will launch its own cryptocurrency exchange. The company announced this in an official press release.

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It is expected that the public testing and full launch of the exchange will take place in the first quarter of 2021. At the time of writing, Ebang has completed internal testing of the unnamed crypto exchange, according to a press release.

Which cryptocurrencies will be available for trading is also not yet known.

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Ebang CEO and chairman Dong Hu said the company will continue to explore "other business opportunities in the blockchain and cryptocurrency industry." As a reminder, Ebang is China's second publicly traded cryptocurrency mining equipment manufacturer after Canaan Creative.

Shares of Ebang (EBON) jumped 23.37% following the announcement of the launch of its own trading platform. At the time of writing, the company's securities are trading at $6.07.

Ebang held an initial public offering of Class A and B common stock in the summer of 2020. The price per share at the time was $0.001 apiece. The shares are traded on the New York Stock Exchange Nasdaq Global Market.
Ebang's net revenue sagged to $11 million in the first half of 2020, down 50 percent from 2019 for the same period. At the time, Hu said in an interview with CoinDesk that a coronavirus pandemic was the reason for the drop in ROI.

Update. Contrary to Trump's executive order, the NYSE will not yet remove the stock of three Chinese companies from trading. The exchange intends to consult with regulators about the applicability of the U.S. president's executive order to them.

Meanwhile, the New York Stock Exchange (NYSE) is considering withdrawing support from three major Chinese companies because of the U.S. administration's policies. China Mobile, China Unicom and China Telecom Hong Kong fell under sanctions. China said it will take measures to protect the rights and interests of companies.