Argo to Become LSE’s First Crypto Firm
According to the latest news reports, Argo, a Blockchain company that lets users mine cryptocurrencies via a subscription service, has announced that it plans to list itself on the London Stock Exchange. This will be the first ever Blockchain-based company that will be listed on the LSE.
Mining-as-a-Service
As a part of this announcement, Argo also stated that it was hoping to raise £20 million (~$26.73 million), through its Initial Public Offering (IPO), and was expected to be valued at £40 million (~$53.46 million). The company has already raised £1.87 million (~$2.5 million) in a funding round that was completed in January 2018.
Argo was founded last year to provide what it terms “mining-as-a-service”. Basically, users can subscribe to this site and then can mine cryptocurrencies using their computers and even their smartphones.
Argo’s co-founder, Mike Edwards, stated that setting up a full-scale mining rig is difficult and expensive. Therefore, Argo “democratizes” the process so that cryptocurrency mining can become a mainstream user activity, rather than the niche activity it currently. Edwards said that Argo was aiming to be the “Amazon Web Services of cryptocurrency mining”.
For its mining services, Argo will charge £18 (~$25) per month for users to join its mining pools, through which subscribers can then mine for Ethereum, Bitcoin Gold, Ethereum Classic and Zcash. While the mining facility operated by the company is located in Quebec, Argo is headquartered in London.
The executive Chairman of the company, Jonathan Bixby says that by getting listed on the London Stock Exchange, Argo will get the profile and credibility it needs to be able to attract global investors. This in turn will drive growth and help Argo establish a leadership position in the industry in the long term.
Stock Exchanges and Crypto-Based Firms
Argo may end up being the first ever cryptocurrency technology based firm to be listed on the main London Stock Exchange. However, in 2015, Coinsilium, a London-based firm focused on the implementation of Blockchain tech products as well as services, was the first crypto firm to be listed on AIM, which is the LSE’s international exchange for small-cap companies.
The London Stock Exchange has been a lot more conservative in its approach to cryptocurrencies and its related technology, which is quite different from the situation in the US. Last month, the New York Stock Exchange’s owner ICE (Intercontinental Exchange) announced that it was planning to allow its clients to buy and hold Bitcoin.