#CryptoCorner Episode 418: Ebang Plans #Crypto Exchange and Mining Farms Following IPO, Hut 8 (TSX: $HUT.TO) Closes Underwritten Public Offering and EU Planning Crypto Regulations
#CryptoCorner Episode
418: Ebang Plans #Crypto Exchange and Mining Farms Following IPO, Hut 8 (TSX: $HUT.TO)
Closes Underwritten Public Offering and EU Planning Crypto Regulations
Point Roberts, WA, Delta BC June 26, 2020 -
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Stocks discussed: (TSX:HUT)
As reported on the
June 22 episode of Crypto
Corner, Chinese Bitcoin mining manufacturer Ebang is gearing up for a
listing on the Nasdaq Global Market later today under the ticker symbol “EBON.”
Since then, the firm has spoken to Cointelegraph, revealing that after the
listing it plans on “setting up a cryptocurrency exchange and mining farms.” A
spokesperson told the publication:
“We will soon establish our own mining farms with [a]
flexible cooperation model [...] as well as mining pools to sell our computing
power and we will also start to set up [a] cryptocurrencies trading exchange.”
They went on to
say:
“Credit is the most important point for establishing
the cryptocurrencies trading exchange, and a Nasdaq listed company regulated by
U.S. Securities and Exchange Commission should be able to strictly control the
compliance and safety of the transaction."
Hut 8 Mining Corp.
(TSX:HUT) has closed its previously announced underwritten
public offering, and will use proceeds from it “for upgrading existing mining
equipment with more efficient processing chips from MicroBT, one of the leading
suppliers in the industry.”Jimmy Vaiopoulos, the company’s Interim CEO, said:
"Our team is thrilled to implement this upgrade
and continue providing investors exposure to both bitcoin mining and bitcoin
itself. We're proud to close the first prospectus offering by a cryptocurrency
mining company in Canada and further improve Hut 8's lead as one of the largest
public bitcoin miners."
In a speech on Tuesday, the European Union’s
Executive Vice President of the European Commission for An Economy that Works
for People, Valdis Dombrovskis, revealed that the EU is drawing up a new
regulatory regime for digital currencies. An excerpt from the speech sheds some
light on the character of these coming regulations:
For crypto-assets covered by the EU rules,
there are several areas where we should adjust those rules to make sure that
they remain fit for purpose.
Since distributed ledger technology evolves constantly,
we will propose a pilot scheme to give some regulatory flexibility for
experimentation – but well framed and under close supervisory oversight.
For those assets which are not covered, we will create
a bespoke regime and a passport for markets in crypto-assets. The aim is to
make sure that risks are addressed, and that investors and users have a clear
understanding of them.
Overall, our approach will be proportionate and relate
to the level of risk. That means lighter rules for less risky projects.
However, with crypto-assets like stablecoins - whose
value is pegged to a currency like the euro or to a basket of currencies - we
need to distinguish between ‘global stablecoins’ and those created by smaller
start-ups and FinTech innovators.
If they reach a global scale, stablecoins are likely to
raise additional challenges in terms of financial stability and monetary
policy.
In these cases, because of their potentially systemic
role, our rules will be stronger.
Sam
Mowers, Investorideas
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