On the 22nd of October, Ebang International Holdings Inc. established a full subsidiary in Australia. This is part of the company’s growth strategy, as they prepare to launch a Digital Asset Financial Service Platform to go with their hardware.
A Crypto Mining Hardware Company
Ebang International specializes in cryptocurrency mining rigs, and had a good run at the top of the cryptocurrency mining rig market in 2019.
A cryptocurrency mining rig is a setup used to mine cryptocurrencies using hardware generally used for PCs – with a twist. DIY mining rigs are generally composed of up to eight GPUs inside a case that keeps them cool. However, companies such as Ebang build professional mining rigs from scratch, often outclassing home-made mining rigs.
After enjoying a growth period due to constantly rising sales, Ebang has decided to no longer limit themselves to hardware – and are hoping to launch their own financial service platform as soon as possible.
Mr. Dong Hu – the Chairman and CEO of Ebang International Holdings – stated that the interest in the Australian market comes in the wake of successful investments into blockchain technology across Australia, both by the private sector and the government.
“We are pleased to announce that the Company has established its presence in Australia in furtherance of our strategies to launch a comprehensive blockchain-enabled financial business and capture the growth opportunity along the value chain of the blockchain industry. We are currently applying for the Australian financial service license in preparation for our global expansion.”
Ebang has applied for the license necessary to run a financial business in Australia and is currently waiting for approval by Australian financial authorities.
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