Madison Holdings (08057.HK) plans to acquire no more than US$100 million of blockchain equipment from Ebang and will establish an investment fund with a total scale of no less than US$500 million to jointly develop the blockchain industry!

On October 28, 2019, Ebang and Madison Holdings Group Co., Ltd. (08057.HK, hereinafter referred to as "Madison") signed a non-legally binding memorandum of understanding regarding potential business. Working together to jointly plan the blockchain blueprint.

According to the memorandum, Madison will acquire blockchain computing equipment, cryptocurrency mining machines and computing chips from Ebang for a total amount of no more than US$100 million before December 31, 2020, and Ebang will provide corresponding preferential prices and technical guidance; Madison will establish an investment fund to be managed by CVP Asset Management Limited, a wholly-owned subsidiary of the company, to invest in companies and projects in the blockchain industry. The contracting parties will be seed investors of the blockchain investment fund. Third-party investors will also be recruited, with a total target fund size of no less than US$500 million; the contracting parties will focus on the research and development of blockchain underlying technology applications, including 5G applications, blockchain, and related projects related to the integration of industries related to data and information, including artificial intelligence, big data, the Internet of Things, data sharing, digital government affairs, major livelihood areas, smart cities, finance, etc.; the contracting parties will cooperate to explore the trends of the blockchain industry, research and develop blockchain technology and its applications, and cultivate talents in the blockchain industry.

"Don't forget your original intention, keep your mission in mind; forge ahead and stand at the forefront"

Taking the times as our responsibility, we will not forget our original intention and keep our mission in mind. Ebang Communication adheres to the "blockchain industry + technological innovation" principle, and further strengthens the research and development of blockchain technology through integrated circuit design, big data, cloud computing, supercomputing chips, and 5G technology. From theoretical heights to practical dimensions, we will continue to deepen evolution and implement applications to achieve industrial upgrading of blockchain technology and existing businesses; we will work with high-quality partners to vigorously lay out the blockchain industry chain, give birth to diverse and diversified business forms, and jointly promote a shared and win-win ecological chain in the industry.