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Crypto Corner Episode 456: Ebang International Holdings (NasdaqGS: EBON) Establishes Subsidiary in Canada and Reports H1 2020 Financials

BIG (CSE: BIGG)Signs Contract with US Agency for QLUE Solution, and The Bahamas’ Central Bank Announces CBDC Rollout Date

 

Point Roberts, WA and Delta, BC - September 28, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

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Crypto Corner Episode 456: Ebang International Holdings (NasdaqGS: EBON) Establishes Subsidiary in Canada and Reports H1 2020 Financials

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Stocks discussed: (NasdaqGS:EBON) (CSE:BIGG)

Crypto mining machine manufacturer Ebang International Holdings Inc. (NasdaqGS:EBON) has established a wholly-owned subsidiary in Canada to improve its industrial chain layout and upgrade its digital asset financial service platform. Ebang's Chairman and CEO, Dong Hu, said:

"Following our Singapore subsidiary, we are pleased to announce that the Company has established its presence in Canada. This move is in line with the Company's growth strategy to capture the growth opportunity along the value chain of the blockchain industry and establish a digital asset financial service platform. Our new Canadian subsidiary lays a solid foundation for the Company to enter into North America, a market that represents high recognition of digital currency and robust investment opportunity in digital currency trading platforms."

This follows Ebang's recent reporting of its unaudited financial results from the first half of fiscal 2020, which revealed a decline in the company's revenues. For instance, the company's total computing power sold saw a year-over-year decrease of 86.02 percent, and a 50.6 percent decrease in total net revenues for the first six months of the year. Hu explained, saying:

"The outbreak of the COVID-19 has significantly affected business and manufacturing activities worldwide. Measures to contain COVID-19, such as travel restrictions, mandatory quarantines and suspension of business activities have caused severe disruptions and uncertainties to our business operations and adversely affected our results of operations and financial condition. Our chip suppliers have reduced their production capacity due to the impact of the COVID-19, resulting in our shortage of raw materials during the first six months of 2020. Faced with the turbulent social and industrial environment, we have taken timely and proactive measures to ensure the resilience of our business operations and allow us to deliver solid performance after the market condition resumes normal. In light of this, our management has been actively optimizing our revenue structure based on the productivity ratio and strategically exploring expansion into blockchain-enabled financial services."

Blockchain Intelligence Group (BIG), a subsidiary of BIGG Digital Assets Inc. (CSE:BIGG) has signed a 1-year contract with a U.S. Federal Government agency worth CAD $320,000 to deliver QLUE licenses. QLUE (Qualitative Law Enforcement Unified Edge) is a solution built for law enforcement, the financial sector, and regulators to track, trace and monitor illicit cryptocurrency activities. BIG President Lance Morginn said:

"QLUE continues to impress prospects and customers alike who are seeking blockchain forensic and graphing tools. This contract further extends BIGs relationship and vendor status with the US government, and once again proves QLUE is an industry leading service."

The Central Bank of the Bahamas has announced that the Sand Dollar, its central bank digital currency (CBDC), will gradually be released nationally beginning on October 20. The first phase of this rollout will focus on private sector readiness, whereas the second phase, planned for the first and second quarters of 2021, will deal with government services and public utilities.

Sam Mowers, Investorideas

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