Ebang International (NASDAQ:EBON) stock is taking a beating on Monday following news of the blockchain company launching its cryptocurrency exchange.
Here’s everything investors need to know about that new exchange and how it’s affecting EBON stock today.
- First off, that cryptocurrency exchange operates under the name Ebonex.
- Secondly, it’s not available to everyone that wants to take part in trading crypto.
- Case in point, the website for Ebonex returns a message saying trading isn’t available when visiting it from the U.S.
- That message states “We are sorry that EBONEX no longer provides crypto trading in your country/region due to local regulatory requirements for the crypto industry. Thank you for your support and understanding.”
- The lack of access to the crypto exchange in some areas of the world could have to do with why EBON stock is falling today.
- U.S. investors in the stock likely aren’t happy with the idea that the exchange isn’t open in the country despite shares being listed here.
- Either way, today’s news has EBON stock already seeing high levels of trading.
- As of this writing, more than 19 million shares had changed hands.
- To put that in perspective, the company’s daily average trading volume is roughly 21 million shares.
- Ebang International is a blockchain company with experience in application-specific integrated circuit (ASIC) chip design.
- These chips are designed to be efficient when mining cryptocurrencies.
Dong Hu, chairman and CEO of Ebang International, said this about the company’s launch of Ebonex today.
“The official launch of our cryptocurrency exchange is the result of our continuing investment in research and development. In recent years we have made a considerable investment in R&D talent recruiting, as well as product innovation and iteration. The launch of our cryptocurrency exchange business will not only expand the revenue sources from our cryptocurrency business, but also optimize the development of our blockchain industry chain.”
EBON stock was down 5.3% as of Monday morning.
Investors that are looking to keep up on crypto news today need not worry.
InvestorPlace.com keeps up with various cryptocurrencies and the general market around them. That includes Bitcoin (CCC:BTC-USD), Ethereum (CCC:ETH-USD), and others. Investors can five into the latest news on the subject below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.