Benzinga | Aug 14, 2020 08:36AM EDT

Ebang International Holdings Inc. Establishes A Subsidiary In Singapore In Preparation For Establishing A Cryptocurrency Exchange

HANGZHOU, China, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Ebang International Holdings Inc. (NASDAQ:EBON, the &quot, Company, &quot, &quot, we&quot, or &quot, our&quot, ))))), a leading application-specific integrated circuit ("ASIC") chip design company and a leading manufacturer of high-performance Bitcoin mining machines, today announced that on August 13, 2020, it has established a wholly-owned subsidiary in Singapore in preparation for establishing a cryptocurrency exchange.



Mr. Dong Hu, Chairman and CEO of the Company, commented, "With our newly established subsidiary in Singapore, we expect to expand our industry chain layout from providing equipment to offering trading services. We plan to establish a robust risk control system and develop an optimal transaction system, with the support from our dedicated professional team and industry experts, in order to provide investors with safe, fast and stable digital asset transaction services through blockchain technology. We look forward to providing systematic support to the development of blockchain and maximizing the values for our shareholders."

As our next step, we plan to seek the relevant governmental approval and license to operate the cryptocurrency exchange and related business. However, there is no guarantee that we will receive such approval and license on commercially reasonable terms, or at all, or that we will commence the purposed business as planned, or at all. Shareholders are cautioned not to place undue reliance on this press release.