BitMain office photo

Bitmain’s IPO plans have faded; Facebook creating a cryptocurrency for messaging

Crypto winter and other troubles have dashed Bitmain’s plans for an IPO, for now. Breakermag picked up on a tweet from Dovey Wan, a partner at cryptoasset fund Primitive, pointing out Bitmain’s IPO filing was quietly expiring this Monday.

Bitmain, which as of 2018 was the world’s largest maker of bitcoin mining hardware, filed for an IPO back in September of last year, and after failing to have a meeting with the Hong Kong stock exchange, their IPO application has expired as of March 25th, 2019. The failure to IPO has a lot to do with the $500m they reportedly lost in the 3rd quarter of 2018. Jessica Klein of Breakermag provides details on recent events at Bitmain leading up to the IPO expiration.

Facebook reportedly is hoping to release a cryptocurrency of their own in the first half of 2019. The New York Times has published what it’s learned from sources about Facebook’s secretive crypto project. They plan on adding this cryptocurrency to WhatsApp, one of Facebook’s subsidiaries that allow users to send text messages and phone calls through wifi. It will work similar to the Venmo app or Cash App where you can instantly send money to people in your contacts.

“The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers.”

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