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Wednesday, June 29, 2022

Ebang International Holdings Inc. (EBON) skyrocketed after recovery in Bitcoin. Why?

Ebang International Holdings Inc. (NASDAQ: EBON) show a gain in its stock after BITCOIN experienced a major recovery from a low of $49,506 to trade at $54,566.20 on the latest record (Monday). It is basically a blockchain technology company in this field accompanied with strong application-specific integrated circuit (ASIC) chip design capability. The company has become a significant bitcoin mining machine producer globally, with a lot of experience in ASIC chip design.

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What is happening?

The recent recovery in BITCOIN has encouraged the Chinese companies towards fundraising who wants to expand their cryptocurrency operations or either they intend to be a part of red hot sector. Although the exchange and mining of cryptrocurrencies has been banned in China, there is still strong support for the development of block chain technology, which underpins cryptocurrencies such as BITCOIN, whereas this support also plays a vital role in areas of new innovations such as trade finance, supply chain management and anti-counterfeiting. And this has contributed towards attracting investors in developing new crypto projects in china yet there are still companies who invest and raise money in other countries.

Ebang International holdings Inc. started off in June on NASDAQ’S platform while in February 2021, the company initiated two rounds of fundraising and collected $170 million which is huge keeping in mind that they also conducted a fundraising program just 3 months back, in November.

Now what?

The company is planning to use their capital in expanding the business, to open cryptocurrency exchanges in Singapore and Canada and also they want to launch a Robin-hood style platform for bitcoin trading. The COO Guo Yi who underwrite the deals and has also helped many other Chinese crypto companies in raising money said that the progress Ebang has shown is remarkable and is very attractive for the investors in the longer run.

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