One of the major manufacturers bitcoin mining equipment hopes launching its own exchange could double total revenue by 2022.
Little else is known about the proposed exchange other than Ebang hopes to turn its fortunes around by tapping transaction fees as a consistent source of income.
Ebang's revenue stood at $109 million in 2019, which was roughly a third of what it made in 2018 – the tail end of the initial coin offering boom. Overall, the company has reported net losses in both 2018 and 2019.
The exchange will help diversify revenue so the company isn't as beholden to bitcoin's wild volatility, Lei said.
This is the next in a series of branch-outs for Ebang, which has already set up an advisory service for clients, which Lei predicted could see the company's revenue grow 40% this year.
At press time, Ebang was trading at $4.28.
UPDATE (June 29, 2020, 14:58 UTC): This article has been updated to clarify Ebang is not the second-largest producer of bitcoin miners.
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