The Bitcoin obsession is piquing the appetites of Chinese companies
The Bitcoin obsession is piquing the appetites of Chinese companies

The Bitcoin craze has led to a massive surge in fundraising by Chinese companies looking to expand their cryptocurrency business or move into a fast-growing industry.

From large state-owned companies using the free market to smaller participants raising money from venture capitalists, rising cryptocurrency prices and signs of increased technological dependence from the top have fueled the market boom.

Chinese bitcoin mining machine manufacturer Ebang International Holdings Co., Ltd. Ebang International Holdings went public on the Nasdaq in June and closed two rounds of financing in February alone, even after canceling an offer in November, and it also took in $ 170 million.

Chinese waste recycling company Newcomer Code Chain New Continent raised $ 25 million by issuing shares in February to fund its bitcoin mining entry.

Although the official has a complicated attitude towards the Chinese cryptocurrency, the market is still booming.

Cryptocurrency platforms are banned and mining is prohibited, but the government has provided strong official support for the development of blockchain technology, which supports cryptocurrencies such as Bitcoin and is responsible for trade finance, supply chain management and finance. fields. Fake.

Although many companies are still listed and raising money overseas, this has led to attractive crypto projects in China.

The Ebang growth story attracted institutional investors as fundraising from all industry participants became more frequent thanks to a bullish Bitcoin market.

Ebang International Holdings plans to use its new money to develop its cryptocurrency mining, open cryptocurrency exchanges in Singapore and Canada, and launch a Robinhood-style platform for trading bitcoin.

Nasdaq (Canaan), another Chinese company listed on the NASDAQ Bitcoin Mining Machine, is currently expanding into the mining sector. The company uses powerful computers to verify Bitcoin transactions and compete for Bitcoin rewards.

Coinbase, the largest cryptocurrency exchange in the United States, filed for listing on the Nasdaq exchange last month, an exciting moment for the Chinese.

Regulatory approval is a historic victory for cryptocurrency advocates seeking public recognition.

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