(Caixin) 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.
Source: Caixin By Ding Yi / Sep 30, 2020 04:44 PM