Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

LATEST
China Unicom Revenue Growth Accelerates Even as Subscribers Fall
Trending in China: Is Education To Blame For China’s Falling Fertility Rate?
Trending in China: Winning Fewer Games and More Battles? PLA Ends Sporting Tradition
China Calls Time on Chipmakers With No Experience, No Technology and No Talent
Alibaba-Backed Lender in Credit Frenzy for ‘Double Eleven’ Shopping Fest
Intel Plays It Safe in Selling China-Centered Memory Outfit to Non-Chinese Buyer
Chinese Muji Lookalike Opens Its First Store in Paris
VW partner Hino to make electric trucks and buses with China's BYD
Pakistan Lifts TikTok Ban and the Fans Come Running Back
SBCVC-Backed Dingdang Kuaiyao Nets $150m in Series B+ Round
Dao Foods Taps Alternative Protein Space, to Back Up to 30 Chinese Startups in 3 years
Trending in China: China’s Fight Against Child Sex Crimes – Good in Theory But Will It Work in Practice?
‘Honor of Kings’ Reclaims Crown as World’s Highest-Earning Mobile Game, Besting PUBG
Tesla Rival Xpeng Produces 10,000th P7 Electric Car at Wholly-Owned Plant
Top Lawmakers Slam Draft Facial Recognition Laws as Vague and Open to Abuse
Swiss Watch Exports Decline, Leaving Industry More China-Reliant
Alibaba Blends Brick-and-Mortar, Online Grocery Shopping With $3.6 Billion Investment
China’s Mobile Tower Giant Reports Modest Revenue Growth
Jack Ma Tops Hurun China Rich List With $58.8 Billion Fortune
Active Coronavirus Samples Found on Frozen Food Packaging for First Time
Chinese Bitcoin Mining Machine Maker Ebang Establishes Canadian Subsidiary

By Ding Yi / Sep 30, 2020 04:44 PM / World

Photo: VCG

Photo: VCG

Chinese bitcoin mining machine maker Ebang International has established a wholly owned subsidiary in Canada, paving the way for it to enter the digital asset trading business in the country as it strives to diversify its revenue streams

The move comes a little over a month after the U.S.-listed company set up a wholly owned subsidiary in Singapore for its planned offshore exchange for cryptocurrency.

The Canadian subsidiary has received a money service business license from the Financial Transactions and Reports Analysis Center of Canada to engage in businesses including foreign exchange trading and digital currency transferring in the country, Ebang said in a statement on Monday.

“Our new Canadian subsidiary lays a solid foundation for the company to enter into North America, a market that represents high recognition of digital currency and robust investment opportunity in digital currency trading platforms,” said Ebang Chairman and CEO Dong Hu in a statement.

In the first half of 2020, Ebang narrowed its net losses to $6.96 million from $19.07 million a year ago, even as its revenue nosedived 50.6% year-on-year to $11.04 million, the company said in a filing to the U.S. Securities and Exchange Commission.

Ebang, which listed on the Nasdaq in June, previously said that it will explore opportunities in blockchain and cryptocurrency in an effort to reduce its reliance on sales of bitcoin mining machines that are vulnerable to fluctuations in the price of the virtual currency.

Contact reporter Ding Yi (yiding@caixin.com)

Related: China Crypto Miner Ebang Plans to Start Bitcoin Exchange in 2020


Share this article
Open WeChat and scan the QR code