Madison Holdings to Acquire US$100 Million Worth of Blockchain Equipment from Ebang

October 29, 2019

Madison Holdings (08057.HK) intends to acquire US$100 million worth of blockchain equipment from Ebang and will set up an investment fund of no less than US$500 million to jointly drive the blockchain industry!

On October 28, 2019, Ebang and Madison Holdings Group Co., Ltd. (08057.HK, hereinafter referred to simply as "Madison") entered into a non-legally binding memorandum of understanding regarding potential business. The two parties will work together to create a blueprint for the blockchain industry.

According to the memorandum, Madison will acquire blockchain computing equipment, cryptocurrency mining and computing chips worth a total amount of not more than US$100 million from Ebang, before December 31, 2020. Ebang will provide corresponding services and technical guidance to Madison. 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 the seed investors of the blockchain investment fund. Third-party investors will also be recruited, with the target size of the fund being no less than US$500 million. The fund will focus on the development of the baselayer blockchain technology and its applications, including 5G applications, blockchain and artificial intelligence, big data, IoT, data sharing, digital governance, smart cities, finance, etc. The parties will cooperate to explore trends in blockchain, and the research and development of blockchain tech and applicational use cases, as well as cultivating talent in the blockchain industry.