Bitcoin miner manufacturer Ebang plans to launch crypto exchange in Singapore

Nasdaq-listed bitcoin miner manufacturer Ebang is preparing to launch its own cryptocurrency exchange in Singapore.

To that end, the China-based company has set up a subsidiary in Singapore, it and would seek relevant approval and license to expand its business, according to an announcement on Friday.

Ebang, however, cautioned its shareholders that there is "no guarantee" the company will receive the regulatory green light and that it may not even go ahead with its exchange plans at all.

Ebang got listed on Nasdaq in June and raised $101 million by offering its shares at a price of $5.23. The stock is currently trading at around $6.78 a piece.

Ebang's crypto exchange plans come amid losses for the last two consecutive years. The company suffered net losses of $11.8 million and $41.1 million in 2018 and 2019, respectively.

Ebang rival Bitmain's spin-off Matrixport, which is based in Singapore, also recently launched crypto derivatives exchange Bit.com.

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