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Chinese Bitcoin Miner Maker Ebang Is Planning a U.S. IPO Following Canaan and Bitmain

Ebang, or Ebit maker, China’s leading maker of bitcoin mining equipment, is planning an initial public offering (IPO) in the U.S., people familiar with the matter disclosed. The Hangzhou, China-based company, with a 9.2% share of the global mining hardware market, is the world’s third-largest bitcoin mining hardware manufacturer, lying behind only Bitmain and Canaan. According to Zhang Li, partner of a blockchain venture capital LinkVC, “Confirmed by the company, Ebit is undertaking an IPO in the U.S., planning to list on the Nasdaq as well”, “go, go, China’s mining industry!” added Zhang. 8btc has reached out to Ebang for more details, but the company refused to comment on it. On November 21, the second-largest manufacturer of bitcoin mining rigs Canaan (Nasdaq: CAN) has just concluded its IPO with $90 million raised and rang the opening bell at Nasdaq. Dominant player Bitmain also has an IPO application pending with the Nasdaq, which is reportedly filed this October with the raise target being $500 million. The successful public listing of Canaan marks the first time a major blockchain/crypto startup takes their business public to be traded on traditional markets, which is a great boost to other industry practitioners who are seeking to integrate with the traditional capital market. Prior to it, the trio in the Chinese bitcoin mining sector had sought public in Hong Kong but all failed. These bitcoin miner mega-sellers’ U.S. IPO plans come as they report soaring demand for crypto mining machines amid bitcoin rally this April. Canaan’s successful IPO seems to indicate that the U.S. capital market is more inclusive and decisive towards the nascent industry comparing to the hesitation from Hong Kong. Founded in 2010, Ebang Communication started with manufacturing hardware products for the telecommunication industry. The company later moved into the cryptocurrency mining business after rolling out its own Ebit miners in 2018 which helped the company rise to fame and compete with dominant players Bitmain (Antminer maker) and Canaan (Avalon producer). The company first tried to take its shares public on the Hong Kong exchange on June 24, 2018, and updated its filings the following December when the first application was about to expire. This October, Ebang has signed an MOU with Hong Kong-listed company Madison which stated the latter would purchase $100 million worth blockchain equipment from Ebang.
8BTC

Bitmain unveils new Antminer models days after Canaan IPO

Jihan Wu, Co-founder of Bitmain, announced two new models to be part of the firm's flagship Antminer 17 series, att the World Digital Mining Summit. The Antminer S17+ will reportedly have a hashratThe post Bitmain unveils new Antminer models days after Canaan IPO appeared first on AMBCrypto.
AMBCrypto

Canaan Creative Makes Serious Headway with Its IPO

Canaan Creative is arguably the world’s biggest cryptocurrency mining company after Bitmain. The company has sought to ensure its initial public offering (IPO) – which it’s been touting for some time – makes serious headway in the financial space, and it can be argued that this goal was accomplished. Canaan: A Leader in IPOs? The IPO, which took place in the United States despite Canaan being situated in China, has garnered the venture more than $90 million. Approximately 10 million Americans shares sold for roughly nine dollars a piece last Wednesday, meaning that in the U.S., bitcoin mining is reportedly edging its way deeper into mainstream territory. According to an announcement from the Securities and Exchange Commission (SEC), the shares up for grabs were being marketed anywhere between nine and 11 dollars. The company initially tried getting the IPO off the ground last month, though Canaan was hit with a major blow when it lost its primary underwriter Credit Suisse Group AG. It was originally the venture’s goal to raise as much as $400 million through the sale, but this is a solid way to start. China has had a very mixed relationship with bitcoin and cryptocurrency, particularly the mining process. For many years, the notion of cryptocurrency mining was under threat from Chinese regulators who sought a full ban on mining, saying that the effects on the environment were harmful. Very little action was taken to prevent mining from continuing, however. One can only assume that a full ban would mean that companies like Canaan or Bitmain – both stationed within the country’s borders and which are billion-dollar companies – would cause the Chinese government to lose serious tax revenue each year. Eventually, BTC mining was deemed legal in China, which many see has a huge victory. However, the country has also taken steps to ban other forms of cryptocurrency activity, such as initial coin offerings (ICOs) and foreign exchanges, both of which were outlawed in 2017 and 2018 respectively, so while China is seemingly open-minded when it comes to specific crypto trends, others are getting the boot. In 2019, roughly 28 companies in China sought to initiate IPOs and have thus far raised more than $3 billion. This is double what was garnered from China-based IPOs in 2018, meaning that crypto and financial tech has quickly come a long way. The question now is, “Can China and other regions keep this momentum up?” This Is an Ongoing Trend The Canaan IPO was led by China Renaissance Holdings Ltd. and Citigroup Inc., along with CMB International Capital Ltd. Shares will begin trading this coming Thursday and will be listed under the symbol “CAN” on the Nasdaq Global Market. Unfortunately, the price of bitcoin is really failing at press time, having fallen to just over $7,200 over the course of two days. It’s unknown if this will affect the trading of Canaan shares in the future. The post Canaan Creative Makes Serious Headway with Its IPO appeared first on Live Bitcoin News.
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Crypto Exchange LedgerX Sends Its Co-Founders on Leave

Twitter rage expressed by CEO Paul Chou isn’t sitting well with the board of LedgerX. The cryptocurrency exchange’s board of directors send co-founder Juthica and Paul Chou on administrative leave. A new interim CEO The Chous’ leave became effective “immediately” and hired Larry E. Thompson as the interim CEO. The board did not reveal the reasons why the founders were removed from the company’s everyday operations. However, the news is being linked with the company’s tussle with the CFTC. In August this year, Paul Chou spoke about the Commodity Futures Trading Commission (CFTC) in great detail, narrating how the regulator had broken the law. In an expletive-filled rant, he talked about bias at the regulator’s end. During the same month, the company had prematurely announced the availability of cryptocurrency futures to US-based retail investors. It was competing with ICE-backed Company Bakkt to launch regulated futures in the US. The new CEO Thompson isn’t a Twitter-ranting founder, but an experienced Wall Street executive with over 30 years of an illustrious career under his belt. He was working at the vice-chairman of the Depository Trust & Clearing Corp. before joining Ledger. He will also work as the lead director of Ledger Holdings. LedgerX’s regulatory problems LedgerX is a US-based company providing clearinghouse and Bitcoin derivatives services. It provides a swap execution facility for institutional cryptocurrency traders who have at least $10 million in assets. Paul Chou and the company have not commented on the move yet. However, CoinDesk reported that they had talked to Juthica Chou on email. She noted that the “board composition is tricky” and no one knows about derivatives, Bitcoin and computer science. She added that disagreements and conflicts with the board become difficult because of their lack of expertise in the field. However, she wished the new management well on her and Paul’s behalf. Some documents received by the publication reveal that the company’s leadership didn’t believe in fair practices at the regulator. They thought that Christopher Giancarlo, the former chairman of CFTC held “personal animus” towards the company because of Paul Chou’s comments. The post Crypto Exchange LedgerX Sends Its Co-Founders on Leave appeared first on Cryptovibes.com - Daily Cryptocurrency and FX News.
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Binance Defends Matic After Altcoin Dives 60% Due to ‘Panic’ by Whales

Binance Defends Matic After Altcoin Dives 60% Due to ‘Panic’ by Whales Ethereum (ETH) based cryptocurrency payment network Matic has described as “baseless” claims it manipulated the price of its token after it crashed 60% in minutes. In a blog post on Dec. 10, executives addressed community participants who saw the value of the project’s […] Cet article Binance Defends Matic After Altcoin Dives 60% Due to ‘Panic’ by Whales est apparu en premier sur Bitcoin Central.
Bitcoin Central

Matic Network (MATIC) Team Explains Sudden Token Flash Crash

The Matic Network (MATIC) token went through a crisis, erasing more than 50% of its price in the past day, to drop to $0.02. The price crash, however, follows a period of wild appreciation on a parabolic trend, as MATIC more than tripled its price and moved to a record above $0.04. Fears of Team Dumping Tokens Now, the price action of MATIC is starting to suggest a pump-and-dump event. However, the team has moved in to explain what’s going on with the volatility. The crash in price seems to be a direct effect of messages circulating which suggest that the team was performing suspicious token movements. Rumors spread about the MATIC team moving tokens from its Foundation account, sparking fears the team may dump the assets at the recently peaking prices. The team had already announced a small release of funds, of around 248 million MATIC, or 2.5% of the supply. But the unlocked tokens were meant to be used for staking and securing the network, as the team explained in a detailed blog. The 248 million tokens were also meant for investors and advisors, on which the decision to sell was not guaranteed. Matic had NO role to play in all this. For token movement, We announced the release of ~0.25% (248mn) tokens as Oct unlock, which coincides with aggregated outward movement. Foundation tokens are still there.https://t.co/BhDDqFWF6H MATIC will bounce back stronger than ever! — Matic (@maticnetwork) December 10, 2019 The tweet that sparked the panic claimed that the large amount of the project’s tokens were intended for dumping on Binance. Just did some snooping around to find that the #Matic Network Foundation has transferred 1,495,322,715 $MATIC (15% of the supply, approximately $67,314,942 at ATH) in the past 50 days, of which from seems to have been sent for liquidation at #Binance. https://t.co/FLPl4HyfiO pic.twitter.com/dpYG8rMoHX — Samuel JJ Gosling (@xGozzy) December 10, 2019 But the claims were refuted by the fast investigation performed at the Binance exchange. Binance’s CEO, Changpeng Zhao, commented that the real reason may be anonymous traders panicking. Our team is still investigating the data, but it's already clear that the MATIC team has nothing to do with it. A number of big traders panicked, causing a cycle. Going to be a tough call on how much an exchange should interfere with people's trading. https://t.co/wOVF6tEBkQ — CZ Binance (@cz_binance) December 10, 2019 MATIC Followed Natural Trading Patterns Binance has seen its share of boom-and-bust cycles for several coins, as well as trading anomalies. But MATIC is a special case, as it is one of the high-profile IEO tokens offered on the exchange. The token was also among the best performers, appreciating to above its token sale price. Zhao dismissed the latest sell-off as originating from FUD, but also raised the question on whether exchanges should interfere with trading. MATIC is represented on both Binance DEX and Binance, with the bulk of volumes on the centralized exchange. However, MATIC has recovered some of the losses, as the deepest end of the drop at one point wiped out 72% from peak prices. MATIC is still above the flat prices in the past few months. The fears that the Matic project was performing an exit scam were dismissed, but the token performance sparked the rage of traders. But for others, the MATIC performance was normal for inherently volatile altcoins and tokens, which offer a mix of rapid appreciation and risk. What do you think about the MATIC pump and crash? Share your thoughts in the comments section below! Images via Shutterstock, Twitter @cz_binance @Maticnetwork @xGozzy The post Matic Network (MATIC) Team Explains Sudden Token Flash Crash appeared first on Bitcoinist.com.
Bitcoinist

LedgerX Places Founders On Leave Following Public CFTC Woes

LedgerX Places Founders On Leave Following Public CFTC Woes The board of directors of Ledger Holdings, Inc., parent company to LedgerX, announced that co-founders Paul and Juthica Chou have been placed on administrative leave, effective immediately. In a Dec. 9 press release, the Bitcoin (BTC) derivatives exchange LedgerX explained that the two executives will be […] Cet article LedgerX Places Founders On Leave Following Public CFTC Woes est apparu en premier sur Bitcoin Central.
Bitcoin Central
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