Ebang International (NASDAQ:EBON) stock is on the rise Friday after announcing blockchain and cryptocurrency news.
According to a news release from Ebang International, the blockchain company is preparing to launch a beta test of its cryptocurrency exchange next week. The beta test will launch on Monday and will be invite-only.
Ebang International doesn’t plan to keep its cryptocurrency exchange in beta for too long. The company’s goal is to have the exchange ready for an official launch by the end of the month. However, it does note that the launch isn’t guaranteed and doesn’t mean there will be improvements for its financial state.
Dong Hu, chairman and CEO of Ebang International, said this about the blockchain news boosting EBON stock up today.
“Our upcoming cryptocurrency exchange will accelerate the Company’s development in the financial technology industry. In addition to establishing a digital asset financial service platform, the Company will also explore other business opportunities in establishing mining farms and cryptocurrency mining to optimize the structure of the global cryptocurrency platform as well as our offerings in the blockchain industry value chain.”
Following news of the beta test, EBON stock was seeing heavy trading today. As of this writing, more than 73 million shares of the stock have changed hands. To put that in perspective, the company’s daily average trading volume is nearly 16 million shares.
EBON stock was up 41% as of Friday afternoon and is up 51.9% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.