Why Ebang International Stock Soared Today

Shares of Ebang International Holdings (NASDAQ: EBON) surged on Friday after the maker of bitcoin-mining machines and chip designer announced plans to launch a new cryptocurrency trading platform. As of 2:20 p.m. EDT today, Ebang's stock was up a stunning 40%. 

Ebang, based in China, created a new subsidiary in Singapore to operate the exchange. CEO Dong Hu says the new digital asset trading platform will have "robust" risk controls and an "optimal" transaction system, to provide a safe and reliable way to buy and sell cryptocurrencies. 

Ebang International Holdings' stock rose sharply on excitement for its new cryptocurrency exchange. Image source: Getty Images.

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Source Fool.com