Deals
Chinese Crypto Miner Aims to Double Sales Via New Exchange
- Ebang plans to start offshore crypto exchange in 2020
- Company performance tends to fluctuate with Bitcoin prices
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Chinese crypto mining giant Ebang International Holdings Inc. is planning to launch an offshore exchange for digital assets this year, hoping to expand beyond a sector that tends to boom and bust with Bitcoin prices.
The Hangzhou-based maker of Bitcoin mining rigs could see total revenue grow about 40% in 2020 after expanding into the newer business of helping clients manage datacenters, Chief Financial Officer Chen Lei said in an interview. Revenue could almost double to $200 million this year with the launch of the crypto exchange, he said. Otherwise, Ebang should hit that mark in 2022, he added.