Argo, a London crypto mining company, is on its way to becoming the first crypto-based company to be listed on the London Stock Exchange after the LSE approved its listing.
Argo Blockchain’s LSE Listing
Argo Blockchain has said in a statement that it looks forward to raising in excess of $26.8 million by taking part in an IPO (initial product offering) after reports of the listing went public. It has also said that after this it is expecting its value to be in the region of $53.5 million.
Argo Blockchain a few weeks ago received the approval from U.K Listing Authority to officially go public. Jonathan Bixby, executive chair and co-founder of the company, has said that the company decided on London Stock Exchange because of the city’s standing as a global financial technology hub. He said that the listing will act to give the company profile, boost its credibility and provide access to the global capital which will, in turn, drive its growth and help it to establish a long-term leadership position.
The company is planning on charging $25 monthly for its raw computing power. This will provide its subscribers the opportunity to mine four different Cryptocurrencies i.e. Zcash, Ethereum Classic, Ethereum and Bitcoin Gold. Subscribers will be able to mine remotely on the company’s mining rigs.
With the crypto space considered by many to not only be a completely different sector from the financial sector, but also a competitor, this listing is a representation of the confidence and acceptance that the crypto space is gaining in the mainstream.
What is Argo Blockchain
Argo Blockchain is a Cryptocurrency mining firm that is cloud-based and helps Cryptocurrency mining be available to the mass market by providing the technology required through a subscription-based model. It is based in Quebec, Canada. This location is a favourite for mining operations because of the affordable hydroelectric power and the cold climate that allows miners to save on cooling costs.
Bixby has said that the company was founded to make Cryptocurrency mining accessible to the mass market that may not be able to afford the technology and resources required for mining. He said that with more than two thirds of crypto mining done on an industrial scale by only the elites, Argo Blockchain aims to provide the opportunity and essentially be the Amazon Web Services of the crypto world.
The Road To Exponential Growth
As its growth strategy, the company plans to expand into Europe, Australia, and North America but only after expanding its mining to China and Iceland. It also plans to only use electricity from renewable power sources.
The company’s co-founder has intimated that the company wants to emulate Genesis Mining’s rapid growth. The Icelandic company was launched three years ago as a remote mining service and currently boasts of over two million users as well as a waiting list of eight months.
In order to be on top of other competitors in the sector, Argo has been pushing for the launch of the IPO.