One of the world’s largest crypto mining hardware producers Canaan Creative is in our blockchain news today after the company reportedly is considering going public in New York.
According to a few sources, the ASIC manufacturer is hoping to use the possibility of holding its initial public offering in New York sometime in the first half of 2019. There are still negotiations regarding this issue and there is no guarantee that the plans will come true.
Canaan has previously applied to the Stock Exchange of Hong Kong list but postponed the plans last year after the listing application lapsed. The sponsors of Canaan’s Hong Kong IPO included the CMB International Capital, Deutsche Bank, and Morgan Stanley.
The listing got lapsed mainly because concerns showed up by local regulators and the Stock Exchange of Hong Kong as well, about the company’s business model. A few bankers also expressed concerns that the business could be in trouble with the falling of the bitcoin prices and that it is not possible to forecasts how the financials of the company will turn out:
‘’With the bitcoin price dropping so much this year, there’s a lot of uncertainties over their business. If we cannot forecast their financials, how can we sell their IPOs?’’
The demand for mining rigs has reduced incredibly after the bearish wave hit the crypto market and Canaan halved its IPO target by more than 80%.
By turning to the United States, Canaan is showing signs that its rival Bitmain could also end up trying to find a new place for its IPO.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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