London Stock Exchange to List Its First Crypto Firm

by Arnab Shome
  • Argo is aiming to raise $20 million, with a valuation target of $40 million.
London Stock Exchange to List Its First Crypto Firm
Bloomberg

The exclusivity of the cryptocurrency sector is long gone as it is receiving more and more mainstream acceptance. Recently, London-headquartered Argo Blockchain has received approval from the London Stock Exchange to list its stocks on the exchange.

Argo Blockchain is a cloud-based crypto mining firm which works on a subscription-based model. It started its business last year considering the increasing difficulty in the mining Cryptocurrencies due to the involvement of ASICS and big mining players. The firm’s operations are based in Canada’s Quebec province, a global hub for cryptocurrency mining firms, and has plans to extend its base to Iceland and China, where mining crypto is very profitable considering cheap electricity cost and cold climate.

Interested crypto mining enthusiasts can mine any of the four cryptocurrency options - Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash - provided by the firm remotely on its mining rigs.

This is a huge advancement for blockchain-based firms as this will be the first crypto company to get listed on the London Stock Exchange.

In a statement to Business Insider, Mike Edwards, co-founder of Argo, said: “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.”

According to Jonathan Bixby, another co-founder of Argo, the firm chose London’s exchange because of the city’s role as a global hub for financial technology.

“A London stock market listing will provide Argo with the profile, credibility, and access to global capital to drive our growth and help us establish a leadership position in the long term,” Bixby, who is holding the position of executive chairman at Argo, said.

Argo is planning to charge customers $25 or £18 a month for the mining activity. However, it is not planning to create a separate mining pool and will stick to the existing ones. Moreover, it will not hold any digital tokens for its customers and will limit one contract at a time for each customer.

Earlier in January Argo raised $2.5 million from private investors. However, the firm’s decision to push for an initial public offering (IPO) is not new as a similar step was taken by its market competitor Hydrominer.

The exclusivity of the cryptocurrency sector is long gone as it is receiving more and more mainstream acceptance. Recently, London-headquartered Argo Blockchain has received approval from the London Stock Exchange to list its stocks on the exchange.

Argo Blockchain is a cloud-based crypto mining firm which works on a subscription-based model. It started its business last year considering the increasing difficulty in the mining Cryptocurrencies due to the involvement of ASICS and big mining players. The firm’s operations are based in Canada’s Quebec province, a global hub for cryptocurrency mining firms, and has plans to extend its base to Iceland and China, where mining crypto is very profitable considering cheap electricity cost and cold climate.

Interested crypto mining enthusiasts can mine any of the four cryptocurrency options - Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash - provided by the firm remotely on its mining rigs.

This is a huge advancement for blockchain-based firms as this will be the first crypto company to get listed on the London Stock Exchange.

In a statement to Business Insider, Mike Edwards, co-founder of Argo, said: “Setting up a computer rig to mine cryptocurrency is challenging, inefficient and expensive. I knew that we had to change the game and democratize the process so that crypto-mining could become a mainstream consumer activity.”

According to Jonathan Bixby, another co-founder of Argo, the firm chose London’s exchange because of the city’s role as a global hub for financial technology.

“A London stock market listing will provide Argo with the profile, credibility, and access to global capital to drive our growth and help us establish a leadership position in the long term,” Bixby, who is holding the position of executive chairman at Argo, said.

Argo is planning to charge customers $25 or £18 a month for the mining activity. However, it is not planning to create a separate mining pool and will stick to the existing ones. Moreover, it will not hold any digital tokens for its customers and will limit one contract at a time for each customer.

Earlier in January Argo raised $2.5 million from private investors. However, the firm’s decision to push for an initial public offering (IPO) is not new as a similar step was taken by its market competitor Hydrominer.

About the Author: Arnab Shome
Arnab Shome
  • 6300 Articles
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6300 Articles
  • 80 Followers

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