(Yicai Global) Sept. 29 -- Chinese cryptocurrency mining hardware maker Ebang International Holdings has set up a wholly-owned unit in Canada to deal in foreign currency and cybermoney transactions and digital currency transfers.

This latest initiative comes after the Hangzhou-based company set up a virtual currency exchange in Singapore, it said in a statement yesterday.

The subsidiary has secured an operating license for currency-related services Canada’s anti-money laundering watchdog the Financial Transactions and Reports Analysis Centre of Canada issued on Sept. 16, the statement added.

Ebang’s establishment of its Canadian unit corresponds to the company’s development strategies, and will enable it to seize opportunities in the blockchain sector, while building a digital asset financial services platform, Hu Dong, the company’s chairman and chief executive noted in the statement.

The new Canadian unit has laid a solid foundations for the parent’s entry into the North American market, the statement continued, which highly recognizes digital currencies and also offers good investment opportunities for cybermoney transaction platforms.

Financial Linkage

Hu outlined the company’s business positioning in Canada in its previously-released semi-annual report, which announced Ebang’s plans to build crypto-currency exchanges in both Singapore and Canada and integrate its blockchain business with traditional financial services.

Ebang declared the setup of its fully-owned unit in Singapore on Aug. 13 in an announcement released the following day, together with plans to construct a crypto-currency exchange, with its positioning in the industry chain expanding from provision of equipment to supply of trading services.

Its major Chinese operating entity is Zhejiang Ebang Communication Technology and the main miner brands it sells is ‘Ebit Miner.’ Ebang is a designer of application specific integrated circuit chips and a maker of crypto mining rigs. The company listed on the Nasdaq on June 26.

The firm rang up business revenue worth about USD11 million in the first half in an annual 50.6 percent slump, while its net deficit was USD6.2 million, down 65.7 percent from the same time last year, statistics in its semi-annual report show.

The miner maker’s stock [NASDAQ:EBON] surged over 10 percent in the US upon the release of this earnings statement release, but then fell. Its shares closed down 0.51 percent at USD9.80 yesterday.

Editor: Ben Armour