A cryptocurrency mining startup is reportedly making a foray into becoming the first industry firm to be listed on the London Stock Exchange.
Argo Blockchain, a mining-as-a-service provider, just announced it intends to sell shares of its common stock to raise £20 million from an initial public offering (IPO), according to the London Stock Exchange. The company is expected to be valued at £40 million by the end and this will mark the first crypto company joining the exchange.
Argo alleges it will offer an easy-to-use service for mainstream consumers. The startup guarantees users won’t need technical knowledge nor any additional hardware, as the mining service will be available for both computers and smartphones.
The announcement also states Vela Technologies has subscribed for 2.5 million shares at £0.08 per share for a consideration of £200.000. At the time, Argo raised £2.5 million on a pre-money valuation of £8 million.
Argo Blockchain was founded last year and went live on June 11, 2018. At the moment it offers four different altcoins to be mined — Bitcoin Gold, Ethereum, Ethereum Classic, and Zcash. The company hopes to build a datacenter management business to support other altcoins.
Argo’s management said that there is copious demand for an accessible platform for the average user to mine cryptocurrencies. The firm says it wants to make it so anyone can break into cryptocurrency mining, no prior investment needed.
The platform reportedly allows users to select which digital currency they want to mine, as well as choose which mining pool they want to be a part of, and how to store the generated coins. Argo’s founders reportedly drew inspiration for the company from services like Netflix or Amazon Web Service, hence the subscription model.
Argo has initiated its operations in Canada and China, with hopes to increase its global presence. Co-founders Mike Edwards and Jonathan Bixby wish to release an affordable platform that even novice users feel comfortable using.
Bixby said, “We have launched this service to take the pain and heartache out of participating in the biggest new technology breakthrough since the launch of the internet.”
His colleague, Edwards, agreed, “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.”
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Last modified: May 20, 2020 8:41 PM UTC