Ebang International Holdings Inc. Establishes Subsidiary in Canada in Preparation of Establishing Digital Asset Financial Service Platform

Ebang International Holdings Inc., a leading application-specific integrated circuit chip design company and a leading manufacturer of high-performance Bitcoin mining machines, announced that it has established a wholly-owned subsidiary in Canada to improve its industrial chain layout and upgrade its digital asset financial service platform. The Company’s new subsidiary in Canada received a Money Service Business License from the Financial Transactions and Reports Analysis Centre of Canada on September 16, 2020, which will allow the Company to engage in foreign exchange trading, digital currency transferring and dealing in virtual currencies in Canada.

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Mr. Dong Hu, Chairman and CEO of the Company, commented, “Following our Singapore subsidiary, we are pleased to announce that the Company has established its presence in Canada. This move is in line with the Company’s growth strategy to capture the growth opportunity along the value chain of the blockchain industry and establish a digital asset financial service platform. Our new Canadian subsidiary lays a solid foundation for the Company to enter into North America, a market that that represents high recognition of digital currency and robust investment opportunity in digital currency trading platforms.”

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There is no guarantee that the Company will receive any additional requisite regulatory approvals and licenses to operate its proposed business in Canada in a timely manner or on commercially reasonable terms, or at all, or that the Company will commence such proposed business as planned, or at all. Shareholders are cautioned not to place undue reliance on this press release.

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