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China Crypto Roundup (June 22-28): Ebang Hits Nasdaq, Bitmain Tension Eases off, and More

In this past week, Chinese firm Ebang become the second bitcoin miner manufacturer to go public in the U.S., internal struggle at Bitmain came to a temporary compromise, China’s national blockchain service network (BSN) integrates Chainlink’s Oracle functionality, and more headlined news from China.

Ebang hits Nasdaq with ambitious expansion plan

Bitcoin mining equipment manufacturer Ebang has been listed in the Nasdaq market on June 26 with an aim of $125 million raised, becoming the second miner manufacturer to go public on a U.S. stock exchange.

The company plans to use the raised funds to diversify its operation by setting up a cryptocurrency trading platform and its own mining farms as well as the idea of exploring implementation of blockchain in various industries such as financial services, education and healthcare.

Ebang is the latest in a string of Chinese companies looking to go public in the U.S., even as they face increased scrutiny over risk of securities fraud, after the Luckin Coffee Inc. incident. Rival Bitcoin mining equipment maker Canaan Inc. (NASDAQ: CAN) went public at Nasdaq last November. While its stock is nearly down 80% from the IPO offering price of $9 at press time at $1.89. Bitmain, which has the largest market share in the mining equipment industry, has also been looking to go public in the U.S. for over a year, but has been entangled in a power struggle between two cofounders since last October.

Bitmain tension eases off slowly

A statement released by Antminer’s WeChat account shows that the two founders of Bitmain seem to have come to a temporary compromise after realizing their infighting has hurt clients as Micree Zhan halted miner shipments.

The statement issued from the Jihan Wu side said that both sides have sent representatives to discuss the management of the company and have reached a preliminary agreement. As Wu has capital and chip supplier at hand and Zhan controls the factory in Shenzhen, it needs the cooperation of both sides to make miners once the company’s mining machines in stock is exhausted.

The company has recently received a huge order of over 17,000 S19 miners from American bitcoin mining farm Core Scientific. According to the latter’s announcement, this large number of newly bought miners will be distributed among its mining farms in the next four months.

China’s BSN integrates Chainlink’s Oracle functionality

China’s national Blockchain Service Network (BSN), made up of some of the leading technology companies, is integrating Chainlink’s data oracles into its ecosystem.

Bringing Chainlink oracle functionality to the BSN network will enable governments and enterprises to incorporate validated real-world data into their BSN applications using Chainlink oracles via the IRITA interchain service hub. SNZ Pool, a professional proof-of-stake (PoS) operator will be running the nodes that support the entire operation, BSN said in its press release.

A blockchain project created by ex-Microsoft researcher causes a stir

Asensys, or Moqun blockchain, led by former Microsoft lead researcher Jiaping Wang, unveiled its progress after a year-long development this week, as well as some of its angle investors including Kai-Fu Lee, CEO of China-based prominent investment powerhouse Sinovation Ventures, former Microsoft Executive Vice President Of Artificial Intelligence & Research Harry Shum, Yahoo founder Jerry Chih-Yuan Yang.

The launch announcement of the project and unveiled heavyweight investors has caused a quite stir in the Chinese crypto space as well as the tech community. Running on its own innovative protocol that claims to achieve vastly more throughput and capacity than bitcoin and Ethereum, the project is deemed as China’s first blockchain project with fully independent intellectual property rights.

China issues post-pandemic blockchain-based consumer vouchers

Chinese city Nanjing has recently issued so-called “consumer vouchers” on the blockchain as a kind of crypto-driven stimulus package to help reduce the COVID-19 pandemic’s impact on local businesses.

As of the middle of June, Nanjing has issued at least 380 million yuan worth about $54 million USD of blockchain-driven coupons through open lottery and directional distribution.

Baer Chain (BRC) busted by Chinese police

A scam coin named Baer Chain (BRC) has recently been under investigation by police in Chinese city Lianyungang. Police now is collecting information of investors scammed by the pyramid scheme.

Being investigated as a pyramid scam, while the team still tries to find a way out by listing their coin on big-name crypto exchange Bitfinex and quickly spread the news in the Chinese crypto community. Bitfinex, however, immediately deleted their previous tweet that they’ll list Baer Chain.

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