• Latest
Ex-Bitmain Bitcoin Cash Staffers Form Startup to Lend and Trade Crypto

Ex-Bitmain Bitcoin Cash Staffers Form Startup to Lend and Trade Crypto

March 7, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Ex-Bitmain Bitcoin Cash Staffers Form Startup to Lend and Trade Crypto

coinnewsdaily by coinnewsdaily
March 7, 2019
in Business
0
Ex-Bitmain Bitcoin Cash Staffers Form Startup to Lend and Trade Crypto
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Former employees of cryptocurrency mining and manufacturing giant Bitmain who focused on bitcoin cash development are planning a new startup that will offer crypto financing-related services, CoinDesk has learned.

According to two sources with knowledge of the matter, the former employees include those from the mining giant’s Copernicus project that was impacted by a company-wide layoff last year.

The sources said the former Bitmain team members are planning to launch a new firm that will provide services such as cryptocurrency custody, over-the-counter (OTC) trading and crypto lending.

One of the sources said it’s known in the industry that there have been two camps inside Bitmain – one aligned with co-founder Jihan Wu that focuses on blockchain and bitcoin cash development and the other with co-founder Micree Zhan that designs crypto mining chips.

And the team forming the new startup mostly comes from Wu’s old crew, the source added, including those from Copernicus, a project Bitmain rolled out in 2018 to boost development for bitcoin cash and the wormhole protocol. The project has had no technical updates on Github since December of last year amid the company-wide layoffs.

It is unclear how many former Bitmain employees will be involved in the new venture at this stage. A second source told CoinDesk it may also have the name of Yuesheng Ge, a major shareholder of Bitmain, on the new firm’s incorporation paper, but not Wu’s name. And the first source indicated it’s known that Ge has long been aligned with Wu in Bitmain’s operations.

A Chinese media outlet previously reported that former Bitmain employees are launching a new startup called Matrix but did not provide details about what the firm aims to do. The report also said Wu may take charge of the project in the future while Ge will serve as the new company’s CEO in the meantime. 

A spokesperson for Bitmain said “no comment” when contacted by CoinDesk regarding the former staff’s plan and potential involvement of the company’s two major shareholders, Ge and Wu. However, the spokesperson said Wu will not be leaving Bitmain. 

IPO pending

According to the initial public offering prospectus (IPO) Bitmain filed with the Hong Kong Stock Exchange (HKEX) on Sept. 26, 2018, Ge owns about four percent of the firm’s total shares and was listed as an executive director of the board and principal of investment. 

In November, a business registration change indicated Ge and Wu had both left the board of Beijing Bitmain Technology, a subsidiary of BitMain Technology Holding Limited, the entity that’s applying for the IPO.

Another source familiar with Bitmain’s IPO process told CoinDesk that when the firm updated its financials with the HKEX in recent months, Ge remained as an executive director and there was no change to the positions of Wu and Zhan as the company’s co-CEOs.

But this source added that if Bitmain’s holding company disclosed any substantial change to its management, its IPO would almost certainly fail since the HKEX has a clear requirement for a listing applicant to maintain management continuity during its track record.

If Bitmain does not graduate to a listing hearing by March 26, six months from the initial filing, its IPO application will lapse. This has already happened for two of its mining rivals, Canaan Creative and Ebang, although the latter has filed a new application.

The HKEX is said to be reluctant to approve IPOs for these firms due to questions about the sustainability of the mining business.  

Jihan Wu image via CoinDesk archive

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

73% of UK Consumers Say They Don’t Know What Cryptocurrency Is

Next Post

Leading Social Investing Platform EToro Launches Crypto Services in 31 US States

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Leading Social Investing Platform EToro Launches Crypto Services in 31 US States

Leading Social Investing Platform EToro Launches Crypto Services in 31 US States

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$21,407.00-0.36%
  • ethereumEthereum(ETH)$1,238.990.32%
  • tetherTether(USDT)$1.000.07%
  • binancecoinBNB(BNB)$239.02-0.90%
  • rippleXRP(XRP)$0.368472-0.99%
  • cardanoCardano(ADA)$0.522.90%
  • SolanaSolana(SOL)$41.38-2.03%
  • dogecoinDogecoin(DOGE)$0.0708452.99%
  • polkadotPolkadot(DOT)$8.23-0.53%
  • Shiba InuShiba Inu(SHIB)$0.0000121.51%
  • daiDai(DAI)$1.000.03%
  • tronTRON(TRX)$0.064980-1.08%
  • leo-tokenLEO Token(LEO)$5.921.34%
  • matic-networkPolygon(MATIC)$0.60-2.44%
  • litecoinLitecoin(LTC)$59.013.59%
  • FTXFTX(FTT)$27.923.73%
  • chainlinkChainlink(LINK)$7.23-1.49%
  • OKBOKB(OKB)$12.99-0.71%
  • CronosCronos(CRO)$0.129363-0.10%
  • stellarStellar(XLM)$0.127098-1.79%
  • cosmosCosmos Hub(ATOM)$8.36-0.40%
  • algorandAlgorand(ALGO)$0.351893-1.15%
  • moneroMonero(XMR)$130.872.75%
  • ethereum-classicEthereum Classic(ETC)$16.58-0.35%
  • bitcoin-cashBitcoin Cash(BCH)$117.541.07%
  • vechainVeChain(VET)$0.0260510.23%
  • Internet ComputerInternet Computer(ICP)$6.20-2.25%
  • theta-tokenTheta Network(THETA)$1.47-1.72%
  • ElrondElrond(EGLD)$61.42-4.65%
  • tezosTezos(XTZ)$1.55-1.28%
  • filecoinFilecoin(FIL)$6.13-1.70%
  • bitcoin-cash-svBitcoin SV(BSV)$63.79-1.13%
  • eosEOS(EOS)$1.02-0.45%
  • AaveAave(AAVE)$71.19-4.83%
  • makerMaker(MKR)$1,059.26-1.81%
  • paxos-standardPax Dollar(USDP)$1.00-0.03%
  • zcashZcash(ZEC)$69.03-1.61%
  • iotaIOTA(MIOTA)$0.306261-1.52%
  • huobi-tokenHuobi(HT)$5.43-2.94%
  • zilliqaZilliqa(ZIL)$0.0493786.98%
  • neoNEO(NEO)$9.931.31%
  • havvenSynthetix Network(SNX)$2.92-0.36%
  • wavesWaves(WAVES)$6.35-3.73%
  • basic-attention-tokenBasic Attention(BAT)$0.420944-2.95%
  • dashDash(DASH)$52.38-0.64%
  • PancakeSwapPancakeSwap(CAKE)$3.421.47%
  • KusamaKusama(KSM)$57.50-0.26%
  • nemNEM(XEM)$0.0439890.16%
  • CompoundCompound(COMP)$53.446.35%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • qtumQtum(QTUM)$3.14-0.95%
  • ethlendAave [OLD](LEND)$4.103.48%
  • bitcoin-goldBitcoin Gold(BTG)$17.900.50%
  • omisegoOMG Network(OMG)$2.03-1.96%
  • golemGolem(GLM)$0.248133-1.40%
  • SushiSushi(SUSHI)$1.25-4.09%
  • yearn-financeyearn.finance(YFI)$6,883.14-2.17%
  • ontologyOntology(ONT)$0.246925-1.77%
  • umaUMA(UMA)$2.841.73%
  • digibyteDigiByte(DGB)$0.0111700.54%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....