Chinese Bitcoin mining giant, Bitmain, has been in the news lately over infighting and power struggles in its hierarchy. The firm is in the news again after Tencent News reported that it is secretly filing for an Initial Public Offering [IPO].
The mining giant reportedly filed an IPO application with the Securities and Exchange Commission [SEC] of the United States. As per the report, the Chinese mining platform’s IPO application is sponsored by Germany-based Deutsche Bank. Further, Bitmain has recruited Zheng Hua, who was previously part of Nasdaq China, as a consultant for the firm. According to reports, Bitmain has hired Hua to better the possibilities of the latest application, Tencent News reported.
However, the report did not disclose the amount the mining giant is expected to raise through its latest IPO. Bitmain had previously filed an IPO application with the intention of getting listed on the Hong Kong Stock Exchange. However, the attempt wasn’t successful as it failed in March 2019.
The review process for the application is said to take about one to two months, with three rounds of inquires.
The timing of the report is critical as this follows Canaan Creative, another Bitcoin mining equipment manufacturer and a competitor of Bitmain, publicly filing an application for an IPO in the United States on Nasdaq, in order to raise $400 million.
Gemini shines; Binance, Coinbase fall in CryptoCompare’s exchange rankings
Major cryptocurrency exchanges, Binance and Coinbase, have slipped in the revised version of a cryptocurrency exchange ranking list. The data, compiled by crypto-asset data provider CryptoCompare, was titled ‘CryptoCompare Exchange Benchmark Q3 2019,’ and used a new metric for the latest edition. The tool, dubbed the ‘Exchange Benchmark,’ rested on 30 factors, including the team behind the exchanges, the quality of their markets, their geographical location, legal status, and data provision.
Released on 19 September, Winklevoss twins’ crypto-platform Gemini dominated the chart and was graded AA, followed by ItBit at second, Coinbase at third, and Kraken on the fourth position. Notably, Coinbase had previously dominated the June crypto-exchange rankings and was rated AA. Bitstamp, Liquid, OKEx, Poloniex followed suit, and were rated A.
Bitfinex, one of the world’s largest Bitcoin exchanges, was ranked 10th and graded A. Interestingly, Bitfinex wasn’t even in the top 10 of the previously released rankings.
Binance was positioned as the 12th most-trusted exchange with 10.5 points awarded for security. The Malta-based platform slipped four positions since June, when the exchange was ranked 8th. The reason behind the same may be in light of the security breach in May, wherein 7,070 Bitcoins were stolen by hackers in a single transaction.
Additionally, the updated Exchange Benchmark noted that top-tier exchanges graded between AA-B accounted for 33% of the global trading volume. However, lower tier exchanges rated between C-E made up for 67%.
Talking about the Exchange Benchmark tool which is essentially meant to combine both qualitative and quantitative metric data without using volume directly, Charles Hayter, Co-founder and CEO of CryptoCompare, said,
“Our second Exchange Benchmark now includes a vastly expanded set of exchanges and even more granular analysis to enable market participants and new entrants to identify the best trading venues worldwide.”