Ebang International Holdings Inc. (EBON) on Monday announced strategic expansion in the Canadian markets by establishing wholly-owned subsidiary aiming improving industrial chain plan and upgrading its platform of digital asset for financial services.
EBON is a leading application-specific integrated circuit (“ASIC”) chip design company which also leads market in manufacturing of high-performance Bitcoin mining machines.
The Financial Transactions and Reports Analysis Centre of Canada granted the new subsidiary in the country a Money Service Business License on September 16, 2020. The license will allow the new subsidiary to begin with operational activities including digital currency transfers; deal in virtual currencies and foreign exchange trade in Canada.
After establishing subsidiary in Singapore, EBON also came on establishing its presence in Canada too, said, Chairman and CEO of the Company, Mr. Dong Hu. The establishment of subsidiary in Canada is aligned with company’s growth strategy to grab business’ growth acceleration opportunities. This will expand company’s operations in blockchain industry and will further establish a digital asset financial service platform. Company’s new Canadian subsidiary will provide solid grounds for the company to excel into North American digital region. The market is full of investment opportunities in digital currency trading platforms as recognition of digital currency in the market is comparatively high.
EBON last month established a wholly-owned subsidiary in Singapore aiming eventually establishing a cryptocurrency exchange. The company was in plans of initially providing comprehensive services from provision of equipment to offering of trading platform in the country’s digital market. In Singapore, company was also intending establishing an advanced risk control system and development of an optimal transaction system. The company puts efforts to provide investors with a blockchain technology that would be safer and faster to run stable digital asset transaction services platform. EBON has a strategy of blockchian development with an efficient support system which could also maximize the value for company’s shareholders.