#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 - 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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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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