A cryptocurrency mining company ‘Cango’ has secured an investment opportunity from EWCL as reported by PRNewswire. Under the investment contract agreement, EWCL will subscribe to 7 million share of class B common stock at a price of $1.50 per share with each share having twenty votes.

In a Press Conference, Paul Yu who is the CEO and director of Cango stated that the funds will be used to strengthen Bitcoin mining operational capacity, upgrade mining equipment, enhance hash rate efficiency and selectively acquire strategic mining assets.

According to Paul. Cango is actively exploring and investing in synergistic opportunities as the building is toward a long-term goal. The deal is expected to round-up the transaction early second week of January.